|By Arabian Post Staff| L&T Financial Services , a subsidiary of L&T Capital Markets Limited (LTCML), has upgraded its DIFC licence to launch wealth management services. The firm has so far been operating as a representative office.
The Dubai Financial Services Authority (DFSA) has now upgraded to Category 4 whereby, LTCML, DIFC Branch will be regulated by DFSA to offer Wealth Management Solutions. The company will now arrange deals in credit and investments, provide advice on financial products and services, including equities, debt, structured products, investments in alternate asset classes etc., to the High Net worth Individuals (HNI) based in the UAE and the neighbouring countries.
Manoj Shenoy, Chief Executive Officer, LTCML, said 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.
Bhavnesh Thakkar, Senior Executive Officer for DIFC branch, who has been instrumental in setting up the office at DIFC, would continue to head the Dubai operations.
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