The joint venture will be called Padmakshi Mondial Wealth Management and will be licenced under the Association of Mutual Funds in India, the governing body for the country’s mutual fund industry, as a registered mutual fund adviser.
Sean Kelleher, chairman of Dubai-headquartered Mondial, said the deal represents a significant opportunity to tap into both the growing domestic Indian market and the considerable non-resident Indian (NRI) market in Dubai.
He specifically identified three main target markets for the new firm: NRI looking to invest into the Indian market, Indians within India wishing to use the $200,000 limit they are permitted to invest outside of the country and NRIs returning to India who may benefit from the use of a Qualifying Recognised Overseas Pension Scheme or a SIPP.
“India’s current demographic and stage of development has created numerous financial services opportunities within and outside the country,” said Kelleher. “The Padmakshi Mondial Memorandum of Understanding is designed to bridge the Indian scene with the offshore scene.”
Kelleher said the company has already signed off on its first new client.
New recruits to Padmakshi Mondial Wealth Management will be trained in-house by the Mondial Academy – Kelleher’s training facility in Dubai.
