Tata Asset Management sets up regional office in DIFC
The company is looking to expand its operations in the Middle East and Africa
Tata Asset Management, a subsidiary of India's Tata Group conglomerate, is opening an office in the Dubai International Financial Centre as it looks to expand its operations in the Middle East and Africa region.
TAML is one of India's oldest asset management firms whose business spans mutual funds, portfolio management services, alternate investment funds and offshore funds. It is also looking at new investment opportunities.
“A leading global brand name such as Tata is an excellent addition to the centre and will benefit from our enabling financial ecosystem, seamless infrastructure, connectivity to global markets, and advanced regulatory system,” Arif Amiri, chief executive of DIFC Authority, said on Wednesday.
Tata Group, which is a 150-year-old company, operates on six continents and employs more than 720,000 people. Its asset management arm was set up in 1994 and had more than $27.3 billion (Dh100.2bn) worth of assets under management at the end of March 2019, according to the most recent figure available on its website.
The opening of its DIFC office is a “key step towards expanding our network in the Middle East and broader MEA region”, Prathit Bhobe, chief executive and managing director of Tata Asset Management said. “Strong UAE-India trade relations, favourable demographics and diversified ME investor landscape make the UAE the right fit. We look forward to new economic opportunities and partnerships to showcase our India investment capabilities.”
The company's DIFC office will be led by Rohan Joshi, who has over a decade of experience in financial services roles both within and outside the Tata Group, according to its statement.
The number of firms operating out of the DIFC rose to 2,437 by the end of 2019 after the centre welcomed 493 new companies last year, governor Essa Kazim said in March. The centre is home to 737 active financial firms from across the globe, an 18 per cent rise from 2018 and a 64 per cent jump in the last five years.
DIFC’s revenue at the end of 2019 rose 2 per cent year-on-year to $228 million, while its net profit at $119m remained stable with 2018 levels.
Updated: June 10, 2020 04:38 PM