Dubai International Financial Centre (DIFC) is one of the world’s top financial centers and the leading financial hub for the Middle East, Africa and South Asia region.
BTAML will target High Net Worth Individuals (HNWI), Family Offices & Institutional investors in Africa, South Asia & Middle East as its client base.
BanyanTree Group has had a reasonably long experience in Mauritius having operated a bank and private equity businesses. Mauritius is considered as a stable, well-regulated jurisdiction in Africa and tends to attract capital from the region. Mauritius is also the financial hub with a large number of banking, insurance, pension funds and collective investment funds in addition to a large number of fund administrators and funds being domiciled in the country. In addition, the local population is relatively wealthy and has a relatively large per capita income. Based on banking relationships in the group and interest received as part of discussions with local institutions, BTAML expects local parastatal bodies, insurance companies, pension funds and funds to be target customers for the Arranging Custody, Advising on Financial Products and most importantly the Asset Management business. Further, BTAML expects to tap into the relationships built by the group with HNWI in the region for all of its business lines.
Within South Asia, BTAML will focus on India considering the GDP growth rates, large population of HNWIs, high standards of regulation and the Governments thrust on liberalizing the capital account.
BTAML will work with locally based investment advisers and wealth managers to source clients for this business. BTAML expects this segment to be primarily customers for the Arranging Custody and Advising on Financial Products business considering the relatively large number of relatively smaller sized customers expected.
In addition, BTAML will also leverage on the extensive networks of the SEO and the relationship managers among HNWI who are classified as Non-Resident Indians (NRI) and Person of Indian Origin (PIO) for all its business lines.
BTAML’s Senior Relationship Manager, SEO and Independent Directors have strong networks in the Middle East among Family Offices and HNWI which the Applicant Firm aims to leverage on for all its business lines