Nuvama Private launches Dubai branch to serve non-resident Indians

The private banking firm is opening new doors to growing Indian market opportunities for Indians living overseas.
On August 6, Nuvama Private has expanded its operations to the Middle East through its Dubai International Finance Centre (DIFC) office.

Nuvama Private serves as the private banking branch of Nuvama Group, a listed institutionality backed wealth management firm from India. As of August 5, Nuvama Group had a market capitalisation of over $2.5 billion and oversees assets amounting in excess of $46 billion.

After 15 years of operation, Nuvama Private has advised clients including ultra-high net worth individuals (UHNWs), family offices, entrepreneurs, chief experience officers and professional investors. Nuvama Private is one of the few Indian private banks with authorisation to advise and distribute investment products by virtue of its category III C licence, a wealth and advisory license under the Dubai Financial Services Authority (DFSA) regime.

Conventionally, it is the banks and local external asset managers (EAMs) that advise global high-net worth (HNW) and UNHW clients, causing clients to have limited access to evolving Indian market opportunities.  

Nuvana Private’s expansion will be able to allow non-resident Indians (NRIs) and global clients looking to diversify beyond their current investment entry into the Indian market.
 
Leading Nuvama Private DIFC is Vishwakit Patil who has been appointed senior executive officer (SEO). Patil assumes his leadership role with over 20 years of experience in banking and wealth management. 

“There is a growing aspirational class of global investors who are looking to participate in the India growth story. NRIs, a part of this investor set already account for about one quarter of the expatriate population in Dubai. Increasing numbers of these people are UHNW individuals. We intimately understand the needs and persona of the Indian mindset, and their need for all-inclusive and tailored wealth management solutions”, said Alok Saigal, president and head of Nuvama Private, in the statement. 
 
Vivek Sharma, head offshore of Nuvama Private, said: “We feel that with the evolution of Indian UHNW families, their needs are becoming global, and we would like to play an integral role in serving both the local and global needs of such families, through our DIFC arm along with our already well-established India practice.”

Sharma told FinanceAsia: “With this move, Nuvama will be able to offer and advise on various investments opportunities across India and global markets. For India, we intend to showcase the entire range of offerings, from private to public markets."

In a media statement, Salmaan Jaffery, chief business development officer of the DIFC Authority, commented, “DIFC provides vast opportunities for our wealth and asset management sector clients given Dubai has the highest concentration of wealth of any Middle Eastern city. The city also includes a significant non-resident Indian population who will be familiar with Nuvama, which provides them with an advantage.”
 
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