Standard Chartered has received in-principle clearance from the International Financial Services Centres Authority to distribute capital market products from Gujarat International Finance Tec-City, or GIFT City, in India. <\/p>\n
The decision allows the banking giant to start offering wealth products from the financial centre. <\/p>\n
It plans to introduce its Signature CIO Funds there in the coming weeks, with other wealth offerings expected later. <\/p>\n
The Signature CIO Funds consist of four funds linked to the bank’s Chief Investment Office (CIO) investment approach. <\/p>\n
They invest across a mix of asset classes, including equities, fixed income, commodities, alternatives and cash. <\/p>\n
The funds were launched in 2022 and have gathered more than $5bn in assets under management. They are available in 12 markets, including Standard Chartered’s private banking locations. <\/p>\n
Standard Chartered began operations in GIFT City in 2020 as the first foreign bank to do so. It now offers banking services there to corporate and institutional clients. <\/p>\n
Standard Chartered wealth solutions, retail products, data & analytics\u202fglobal head Samir Subberwal said: “We are seeing growing demand from affluent clients for internationally diversified portfolios, expert advice and seamless access to opportunities across markets. GIFT City provides a compelling platform to serve these needs, drawing on India’s growing role in global wealth creation and investment flows. <\/p>\n
“This approval marks an important step in expanding our wealth capabilities through GIFT City, starting with the launch of our Signature CIO Funds and followed by a broader suite of wealth solutions over time. As a leading international wealth manager, we are well-positioned to connect clients to global investment opportunities through our network, CIO expertise and advisory capabilities.” <\/p>\n