Standard Chartered secures in-principle GIFT City wealth approval

Eligible investors can access four diversified portfolios.

Standard Chartered will begin offering wealth solutions from India’s Gujarat International Finance Tec-City (GIFT City) after receiving in-principle approval from the International Financial Services Centres Authority (IFSCA) to distribute capital market products.

The bank expects to launch its Signature CIO Funds for eligible clients from GIFT City in the coming weeks, with more wealth solutions to be introduced over time.

The Signature CIO Funds comprise four funds that give investors access to Standard Chartered’s Chief Investment Office investment strategies through diversified multi-asset portfolios covering equities, fixed income, commodities, alternatives and cash.

“We are seeing growing demand from affluent clients for internationally diversified portfolios, expert advice and seamless access to opportunities across markets,” said Samir Subberwal, Global Head of Wealth Solutions, Retail Products, Data & Analytics at Standard Chartered.

“GIFT City provides a compelling platform to serve these needs, drawing on India’s growing role in global wealth creation and investment flows,” he said.

The Signature CIO Funds, launched in 2022, have attracted more than $5b in assets under management and are available in 12 markets, including Standard Chartered’s private banking centres.

Standard Chartered was the first foreign bank to start operations in GIFT City in 2020.

It currently provides banking services to corporate and institutional clients from the financial centre.

The latest approval will allow the bank to expand its wealth management offering in GIFT City alongside its existing banking services.