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GIFT City Licenses First Family Investment Fund
20 Apr
Summary
- GIFT City issued its first family investment fund license.
- Poornam Asset Management received the initial permit.
- Some Asians seek alternatives to Dubai for wealth management.
Gujarat International Finance Tec-City (GIFT City) has officially issued its inaugural license for a family investment fund, a landmark achievement in its private wealth management sector. Poornam Asset Management IFSC Pvt Ltd is the recipient of this first-ever permit, according to a GIFT City financial regulatory authority official. This issuance underscores GIFT City's strategic objective to foster a globally competitive and adaptable regulatory framework tailored for international family offices and sophisticated private wealth structures.
The financial hub's initiative aligns with a growing trend among affluent Asians who are actively seeking alternative wealth management destinations, particularly in light of ongoing geopolitical concerns within the Gulf region. Poornam Asset Management, led by London-based fund manager Vineet Kulbandhu Sharma, possesses an authorized capital of $75,175.86.
While GIFT City had previously offered in-principle approvals to entities associated with prominent figures like Indian billionaire Azim Premji and the Catamaran Artha fund, linked to Infosys co-founder Narayana Murthy's family, final licenses for wealth management have not yet been granted to these specific cases. Concerns regarding potential capital outflow from India are cited as the reason for these delays.
