Standard Chartered gains approval from India’s IFSC Authority to distribute its Signature CIO Funds in GIFT City, boosting its offshore wealth services amid rising international fund activity at the Indian financial hub.
Standard Chartered has won approval from India’s International Financial Services Centres Authority to distribute funds from GIFT City, adding momentum to the bank’s wealth push in the country’s offshore finance hub. The move is expected to let the lender broaden access to its global wealth capabilities from Gujarat International Finance Tec-City, which was set up to handle cross-border financial services within India’s special international zone.
The bank plans to begin rolling out its Signature CIO Funds in the coming weeks for eligible clients, with more wealth products to follow. According to Standard Chartered, the Signature CIO Funds are a four-fund suite built around the bank’s chief investment office strategies and spread across equities, fixed income, commodities, alternatives and cash.
The launch comes against a backdrop of rising interest in GIFT City as a centre for international fund activity. Business Standard reported in April that the regulator approved Poornam Asset Management IFSC as the first foreign family office to establish a Family Investment Fund there, a milestone that underscored the zone’s growing appeal after years of regulatory development. Standard Chartered already operates in GIFT City and has positioned the hub as part of its broader international offering.
Since debuting in 2022, the Signature CIO Funds have gathered more than $5bn in assets under management and are now available in 12 markets, according to the bank. Samir Subberwal, the lender’s global head of wealth solutions, retail products, data and analytics, said demand was rising among affluent clients for internationally diversified portfolios and easier access to opportunities across markets.
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