AB Sun Life AMC receives IFSCA approval to carry out Portfolio Management Services from Gift City

Aditya Birla Sun Life AMC Limited (ABSLAMC) today announced that International Financial Services Centres Authority (IFSCA) has approved to carry out Portfolio Management Services through a branch office in International Financial Services Centre (IFSC) in India.

ABSLAMC's move to set up a new unit at the Gujarat International Finance Tec-City (GIFT City) is a strategic step towards the growth of its international business to expand its reach and service global clients, including NRIs for investing in India.

ABSLAMC is the fourth largest asset manager in the country with a presence in over 280 locations pan-India and already has a presence in international markets such as Dubai, Singapore and Mauritius.

Mr. A Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC Limited said, "This is a significant development in the overall business model of ABSLAMC. Through our GIFT IFSC branch we will be able to provide investment management and advisory services to prospective and existing clients across Sovereign Wealth Funds, Family Offices, Global Funds, Institutional Investors, High Net worth Individuals, among others. We will also provide investment avenues to Indian investors for making investments in competitive products in IFSC and outside India. ABSLAMC through its GIFT City unit will contribute towards the Government's initiatives to boost the growth of IFSC in India".

The International Financial Services Centres Authority (IFSCA) has been established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar in Gujarat. The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, the GIFT IFSC is the maiden international financial services centre in India.

Aditya Birla Sun Life AMC Limited, formerly known as Birla Sun Life Asset Management Company Limited), is a joint venture between Aditya Birla Capital Limited and Sun Life (India) AMC Investments Inc. It is primarily the investment manager of Aditya Birla Sun Life Mutual Fund, a registered trust under the Indian Trusts Act, 1882. ABSLAMC also operates multiple alternate strategies including Portfolio Management Services, Real Estate Investments and Alternative Investment Funds.