Kotak Mahindra International gets UAE licence for Fund, Portfolio Management

Kotak Mahindra (International) Ltd., a wholly owned unit of Kotak Mahindra BankLtd., has received approval from the Securities and Commodities Authority of the United Arab Emirates to conduct investment fund and portfolio management activities.

The licence makes Kotak the first Indian firm to be cleared by the UAE regulator for such operations and allows it to launch UAE-domiciled funds for retail investors. The company said subscriptions are likely to open by the end of this year.

Kotak Mahindra International plans to offer India-focused investment strategies and retail-focused funds mirroring its Luxembourg and India-domiciled products. Its assets under management stood at $6.08 billion as of June 30.

The company operates in India, the US, UK, Singapore, Mauritius and the UAE, and aims to expand its presence in cross-border financial services.