Gets SCA licence to manage and market investment funds in UAE
Bhaskar Raj
Dubai: Barjeel Geojit Financial Services, a provider of financial services in the UAE, is all set to launch an India-centric Fund of Funds and various types of funds such as equity funds, debt funds, real estate funds, according to Sheikh Sultan Bin Sooud Al Qassemi, Chairman of Barjeel Geojit.
Barjeel is among the first set of financial intermediaries in the UAE mainland to receive the securities market regulator Securities and Commodities Authority’s (SCA) licence for managing investment of investment funds.
SCA recently amended rules governing the distribution of foreign funds in the UAE mainland and launched its new ‘Playbook for the UAE Fund Management Industry’. Several methods for distribution that were adopted by foreign fund managers and distributors have been repealed or restricted.
The playbook sets the roadmap for the fund management industry in the UAE and puts in place the investment fund regime guidelines for asset managers in the mainland UAE.
Taking advantage of the changes in the rules, Barjeel Geojit is foraying into the investment fund management activity with the launch of its India-centric Fund of Funds (FoF). The FoF is a basket of existing funds which are curated from regulated jurisdictions helping investors from the UAE benefit from the promising Indian capital markets.
“SCA has initiated a significant regulatory overhaul by introducing various new fund structures like Umbrella Funds, Family Funds, ESG Funds, Real Estate Funds and Commodities Investment Funds. This streamlined process has empowered Barjeel Geojit to launch new funds, contributing to the development of the local fund management industry,” the chairman said.
“This fund launch will be followed by many more such funds focussed on local and global markets, based on the growing demand and investment needs of the market,” he added.
Barjeel CEO Krishnan Ramachandran said the financial services company is also keen to foray into the End-of Service Benefit Funds, recently announced by the Ministry of Human Resources and Emiratisation (MOHRE) and SCA.
“We are well positioned to launch a range of funds in mainland UAE. These offerings will cater to the entire investing community in the UAE and the GCC in the near future,” said CJ George, Managing Director of Geojit, India.
Barjeel Geojit Financial Services LLC, UAE, is a joint venture between Sheikh Sultan Bin Sooud Al Qasemi and Geojit Financial Services Ltd., India.
Krishnan said Barjeel’s Assets Under Management (AUM) is currently at AED900 million, which will go up substantially with the launch of the proposed funds.
Barjeel Geojit offers access to investment options in global and Indian markets to its 50,000 customers, with its professional guidance and personalised services. Krishnan said the customer base will double with the launch of the new funds and other innovative financial services.
“As we embark on a new realm in financial offering through the local investment funds our reach will extend to a much larger audience, we aim to be a leading facilitator in their wealth-building journey,” he said.
The forthcoming launches will extend targeting diverse global markets such as Asia, Middle East, Europe and the US. Through these initiatives, Barjeel Geojit strives to lead the way in directing investments into global markets including the UAE with focus on high-quality investments that yield superior returns to investors.
