Dubai: Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region has welcomed Tata Asset Management Limited (TAML) to the Centre.
Tata Asset Management is one of the earlier asset management companies in India and is a part of the Tata group that have revenues of $113 billion (2018-19). Headquartered in India, the Tata Group is an over 150 years old global enterprise that operates across six continents and employs more than 720,000 individuals. Having received their license from the Dubai Financial Services Authority (DFSA), TAML formally joined the DIFC community in April 2020. Establishing a new regional base at DIFC for the Middle East and broader MEA will help TAML strengthen its regional stakeholder engagement and facilitate business growth.
Tata’s success is anchored in a values-based approach to business that aims to secure the financial future of its investors and deliver to them a better quality of life, through performance, service and trust. This approach is attractive given Dubai’s commitment to the UAE’s Sustainable Development Goals and Dubai’s ambition to become the region’s most sustainable financial services centre.
TAML is the specialised investment management firm part of the TATA Group. TAML’s business is in Mutual Funds, Portfolio Management Services, Alternate Investment Funds and Offshore Funds. The core strength of Tata Asset Management stems not only from its sound systems and processes but from the quality of its intellectual capital. At the same time, there is a robust risk management framework with in-built controls and balances. TAML manages funds across the entire risk-return continuum.
Commenting on the announcement, Arif Amiri, Chief Executive Officer, DIFC Authority said: “We are pleased to welcome Tata Asset Management to the Dubai International Financial Centre. A leading global brand name such as TATA is an excellent addition to the centre and will benefit from our enabling financial eco-system, seamless infrastructure, connectivity to global markets, and advanced regulatory system.”
Prathit Bhobe, CEO and Managing Director, Tata Asset Management Ltd, said: “The opening of our DIFC office is an acknowledgement of Dubai’s pivotal role at the heart of the region and the strong advantages it offers institutions that base themselves here. It is also a key step towards expanding our network in the Middle East and broader MEA region. 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.”
Hormuz Bulsara, Chief Operating Officer, Tata Asset Management Ltd said: “The opening of our DIFC branch is indeed a significant development for Tata Asset Management, which has displayed a strong investment management track record over the last 26 years, both for domestic and overseas investors. The Tata Group, whose business philosophy has made our country and its people partners in the wealth creation process, is already a household name in the MENA region and we are proud to be a torchbearer of this wonderful legacy. DIFC, as a leading global Financial Centre with a developed financial services ecosystem, offers an ideal platform to showcase our capabilities while building key relationships throughout the MENA region.”
The Tata Asset Management Representative Office in the DIFC is led by Rohan Joshi who has been appointed as Principal Representative – Middle East. He has over a decade of experience in Financial Services, across geographies and in roles within and outside the Tata Group.
Home to the largest, most developed financial ecosystem in the region, the DIFC has succeeded in attracting the world’s leading financial institutions since the Centre was established in 2004. The establishment of global leader Tata Asset Management’s office in the DIFC is in line with the DIFC’s objectives to support the economic vision of Dubai by attracting top firms that help drive economic growth in financial services.