NE BUSINESS BUREAU
AHMEDABAD, DEC 28
Portfolio manager ASK Investment Managers has received approval from the International Financial Services Centre Authority (IFSCA) to set up a branch in GIFT City in Gandhinagar.
The move will help in bringing investments from global investors, including non-resident Indians (NRIs).
With an asset base of US $3.9 billion, ASK Investment Managers has become the first portfolio manager in the country to get such a license, GIFT City said in a statement on Monday.
“ASK continues to focus on international business expansion and client acquisition as we firmly believe that within the emerging markets, India has emerged as a much sought-after destination,” ASK Group MD and CEO Sunil Rohokale said.
“We are confident that this new branch at GIFT City, Gandhinagar will help to cater to the interest of NRIs/FPIs for their requirement to manage funds on an either discretionary or advisory basis,” he added.
Tapan Ray, MD and Group CEO of GIFT City said portfolio management services will open a new business opportunity at GIFT IFSC and bring in investments from global investors, including NRIs.
It will also create several new job opportunities for young finance professionals and attract good talent for GIFT IFSC.
With the introduction of the concept of the International Financial Services Centre (IFSC), India is now in an advantageous position, is attractive, and has considerably eased investments for foreign institutions and NRIs, the statement noted.
Gujarat International Finance Tec-City or GIFT City is now becoming competitive as compared to jurisdictions such as Singapore, Mauritius, Luxembourg, it added.
Earlier this year, the government constituted the IFSCA, with Injeti Srinivas as its chairperson, to develop and regulate the financial services market in the IFSC in India.
