L&T Financial Services is consolidating its position in the wealth management portfolio
L&T Financial Services, the financial services arm of global conglomerate Larsen & Toubro, is keen to strengthen its wealth management portfolio. It has recently launched a wealth management services unit in Dubai to offer wealth management solutions, including arranging deals in credit and investments, providing advice on financial products and services to the high net worth (HNW) individuals based in the UAE and the Gulf countries. The unit intends to target Indians settled in the UAE, who account for $15 billion in annual remittances, own more than 40,000 UAE companies and hold investments in the country worth an estimated $55 billion.
“We now have a CAT IV licensed entity in DIFC, Dubai, which caters to NRIs/ foreign nationals for either rupee or dollar investment vehicles,” says Manoj Shenoy, chief executive, L&T Capital Markets, which is the unit that manages wealth management portfolio of the company. “We have recently obtained advisory license for catering to large family offices and have started receiving pretty large mandates over there. Our product portfolio has been expanded to cater to specific client requirements,” he adds.
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