Standard Chartered will expand its onshore wealth management offering in India’s GIFT City, initially with the launch of its Signature CIO Funds.
Standard Chartered will begin offering wealth solutions in India’s Gujarat International Finance Tec-City (GIFT City), according to an announcement, following an in-principle approval from the local regulator to distribute capital market products.
The bank will launch its Signature CIO Funds – a suite of four funds that provide access to diversified multi-asset portfolios invested across equities, fixed income, commodities, alternatives, and cash – to eligible clients in the coming weeks. Over time, it will launch more wealth solutions in the onshore Indian hub.
Since launching in 2022, the Signature CIO Funds have attracted more than USD5 billion in assets under management and are available across 12 markets.
Onshore drive
GIFT City is India’s financial hub which aims to attract assets with benefits such as attractive taxes and connectivity to the South Asian nation. This is part of the broader trend of onshoring by various jurisdictions to capture the wave of growing wealth, especially in Asia.
“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,” said Samir Subberwal, global head, wealth solutions, retail products, data & analytics, Standard Chartered.
