L&T Capital to launch wealth management

MUMBAI: With the Dubai Financial Services Authority upgrading it to a category four licence, L&T Capital Markets, promoted by Indian engineering giant Larsen & Toubro, will launch wealth management services at the DIFC. LTCML, which has had a representative office at the DIFC, will now offer wealth management solutions by way of arranging deals in credit and investments, providing advice on financial products and services, including equities, debt, structured products, investments in alternate asset classes etc. to high net worth individuals based in the UAE and in the Gulf region. "In the last few years, the UAE, particularly Dubai, has emerged as a major financial centre for wealth management services," remarked Y M Deosthalee, chairman and managing director, L&T Finance Holdings, which is the parent company of LTCML, here on Tuesday. "The large Indian community in the UAE, estimated to be around 2.6 million, often struggle to get the right options and right intermediaries to invest in Indian markets be it equities, mutual funds, insurance or any other financial products."