DUBAI: ASK Private Wealth, the wealth advisory and family office division of the Blackstone-backed ASK Asset and Wealth Management Group, has announced the launch of the ASK Wealth Advisors (ASKWA) India Opportunities Fund.
The open-ended fund aims to raise $100 million by targeting non-resident Indians (NRIs) and overseas citizens of India (OCIs), thereby capitalising on the burgeoning population of ultra-high-net-worth individuals (UHNWIs) in the Gulf Cooperation Council (GCC) region.
The strategic focus on the GCC, particularly the UAE, Qatar, Bahrain, and Saudi Arabia, underscores the importance of this market for ASK Wealth Advisors, as articulated by Chief Investment Officer and Senior Managing Partner Somnath Mukherjee.
The GCC region has emerged as a lucrative market for wealth management firms, and ASK Wealth Advisors is keenly aware of the potential it holds.
Sets up Dubai office
Mukherjee has indicated that a significant portion of the fund’s assets under management (AUM) is expected to originate from investors domiciled in the GCC, although specific figures were not disclosed.
The establishment of a Dubai office, set to commence operations in December, is a pivotal step in enhancing the firm’s engagement with global investors and the NRI clientele. The appointment of Prateek Pant, a former executive at WhiteOak Capital, as the market head for this region further signals ASK’s commitment to deepening its roots in the GCC.
A noteworthy aspect of the India Opportunities Fund is its innovative structure as a multi-strategy, multi-manager fund.
Traditionally, ASK Wealth Advisors has offered single-manager strategies for offshore investors, but this new fund represents a departure from that model.
Diversifying its approach, the fund aims to provide a comprehensive access product to Indian markets, thereby attracting a wider array of investors. This model not only enhances the investment options available to NRIs but also positions the fund as a core vehicle for accessing India’s growth story.
Spreading wings
The fund is registered as a Category III Alternative Investment Fund (AIF) in India’s Gujarat International Finance Tec-City (GIFT City), which has matured as a viable offshore investment hub. The regulatory clarity and favorable tax environment provided by GIFT City are instrumental in facilitating business operations and attracting foreign investments.
Mukherjee noted that the recent approval by the Securities and Exchange Board of India (SEBI) allowing 100 per cent investment from NRIs in funds established in GIFT City adds to its appeal. The development is expected to further enhance the attractiveness of the ASKWA India Opportunities Fund to potential investors.
Moreover, the fund aims to channel investments from the NRI segment into India’s industrial growth, thereby contributing to the country’s economic development.
The strategic focus on sectors that are poised for growth aligns with the broader objectives of both the Indian government and private sector initiatives aimed at fostering economic resilience and sustainability.
