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Ambit Private Wealth sets sights on increasing its regional footprint.

Dubai Ambit Private Wealth, the wealth management arm of India's Ambit Group, an Indian investment bank with interests in corporate finance, investment advisory, private equity, institutional equity, and non-banking finance business is seeking to expand its business in the Gulf, a senior executive told Gulf News in a recent interview.

"We have a growing non-resident Indian client base in Dubai and Abu Dhabi. Qatar is our next destination. Eventually we are planning to have a strong presence in the region," said Sutapa Banerjee, chief executive officer of Ambit Private Wealth.

Currently the company is focused purely onshore Indian asset classes such as equity, mutual funds, private equity and real estate. The client base is mostly high net worth Indian and non-resident Indians.

With the gradual opening up of the Indian market to foreign investors, Banerjee hopes to offer AmbitEoACAys wealth management services to foreign clients.

Foreign tie-ups

"All the investments we offer are in rupee underlyings. We have tie-ups with a network of foreign institutions [and] through them we do offer multi-currency offshore asset classes depending on the demands of our clients," said Banerjee.

Within a year of its establishment, the private wealth division has more than 105 clients with Rs6 billion (Dh474.8 million) under management. The company plans to take it to Rs10 billion by year end and has a target of 350 clients and $1 billion (Dh3.67 billion) assets under management in four to five years.

The Ambit Group is in the process of starting its own asset management company that will offer its own funds in addition to offering fund services such as tracking third-party fund performance and portfolio management services (PMS).

Currently Ambit's PMS services are available on both discretionary and non-discretionary platforms. While the group's brokerage services offer research and efficient transactions, the private equity platform offers private equity exposure to its clients.

Ambit Pragma, an India-dedicated private equity fund, is specifically focused on offering growth capital to mid-market firms, enabling them to emerge as significant players in their respective segments.

Investment focus

With a target fund size of $125 million and ticket size between $5-$10 million, Ambit Pragma is focusing its investments in the food, entertainment and leisure, health care and wellness, logistics and infrastructure service sectors.

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Publication:Gulf News (United Arab Emirates)
Geographic Code:7UNIT
Date:Sep 5, 2011
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