RCAM plans to expand its operation in Middle East

Dubai: Reliance Capital, the financial services arm of India’s Anil Dhirubhai Ambani Group, is planning to expand its operations in the Middle East through its office in the Dubai International Financial Centre (DIFC), Sam Ghosh, Chief Executive of Reliance Capital, said during a recent visit to the city.

The company wants to expand its business in the region up to $1 billion (Dh3.67 billion) in the next three years and up to $2 billion in next five years — in the UAE and GCC countries with special focus on wealth management and Sharia-compliant businesses.

About Reliance Asset Management:

Reliance Asset Management (UK) Plc — Dubai branch — began advisory operations from DIFC last year after receiving a licence from the Dubai Financial Services Authority.

Reliance Asset Management (UK) Plc is a wholly owned subsidiary of Reliance Capital Asset Management (RCAM).

The Dubai branch provides full range of wealth and investment advisory services to institutional clients and high networth individuals.

RCAM manages $32 billion assets across mutual funds, pension funds, managed accounts and hedge funds. In the Gulf markets, in addition to targeting NRI clients, the company wants to reach the significant number of high networth individuals, family offices and sovereign wealth funds.

At a Glance: Wide coverage

  • Assets Managed last year: $32b
  • Mutual funds – $22b
  • Pension funds – $9b
  • Managed accounts – $463m
  • Hedge funds – $299m
  • Presence in over 200 cities across India

Source : Zawya