L&T Capital Markets (LTCML), a subsidiary of L&T Financial Services, has launched its wealth management services unit in Dubai following the receipt of Category 4 license from the Dubai Financial Services Authority (DFSA).
The firm, which has been operating in the Dubai International Financial Centre (DIFC) as a representative office, will now be regulated by DFSA.
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The company will now offer wealth management solutions by way of arranging deals in credit and investments, providing advice on financial products and services to the high¬-net-worth (HNW) individuals based in the UAE and the neighboring nations.
L&T Finance Holdings chairman and managing director Y M Deosthalee said: "It is the first overseas Branch of L&T Financial Services set via L&T Capital Markets Limited (‘LTCML’) to offer advisory services to the residents of UAE. LTCML with the help of synergy of its ultimate parent company, Larsen & Toubro Limited (‘L&T’) and its group companies, which has its offices across can cater to the HNIs based in the Gulf region."
LTCML CEO Manoj Shenoy said: "The Indians settled in the UAE account for US$15 billion in annual remittances, own more than 40,000 UAE companies and hold investments in the country worth an estimated US$55 billion."
Shenoy added that the Dubai operations will be led by Bhavnesh Thakkar, senior executive officer for DIFC branch, who has been instrumental in establishing the office at DIFC.
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