Reliance Establishes In Dubai

by Lorys Charalambous, Tax-News.com, Cyprus

19 April 2010

Reliance Asset Management (UK) PLC, has commenced operations from the Dubai International Financial Centre (DIFC) after receiving a license from the Dubai Financial Services Authority (DFSA). It will provide a full range of wealth and investment advisory services to professional investors and institutional clients in the region.

Reliance Asset Management (UK) Plc is a wholly owned subsidiary of Reliance Capital Asset Management (RCAM), which is India’s largest asset management company. RCAM and its subsidiaries manage over USD30bn across mutual funds, provident funds, pension funds, managed accounts and hedge funds. RCAM is part of Reliance Capital, one of India’s largest financial services companies with over 20 million customers.

Abdulla Mohammed Al Awar, CEO of the DIFC Authority, said:

“The establishment of Reliance office in DIFC will serve to further cement the strong linkages between the financial sectors of India and the United Arab Emirates.”

“Over the past few years, we have sought to enhance our relationships with the financial services sectors of major emerging Asian markets like India. DIFC's world-class regulatory framework, high-quality support services, zero-tax environment and strong links with international financial markets make it the ideal platform for leading Indian companies like Reliance to tap opportunities in the region.”

Kevin Birkett, Executive Director of Asset Management, DIFC Authority added: “We are very happy to welcome Reliance wealth management, a part of India’s leading and fastest growing private sector financial services companies to the DIFC community. With its vast experience in providing financial services, it will add to the diversity of the DIFC business cluster and the pool of expertise available within the financial district.”

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