Birla Sun Life to open new office in Dubai

Dubai, Sept 21: Birla Sun Life Asset Management Company is set to open an office in Dubai to look after the entire West Asian market and tap its enormous financial resources.

This would be its first overseas office following similar initiatives taken by its competitors Prudential ICICI, Reliance and UTI to tap the growing market catering to NRI and the Foreign Institutional Investors.

A company official said even though it has been tapping the NRIs and FIIs for its offshore funds, West Asia has not been in focus.

Now Birla sun is preparing the groundwork to launch a clutch of new funds in the coming months, Khaleej Times reported, he said, adding that it is awaiting approvals from concerned authorities.

In the 1300 million dollars offshore Asset Under Management (AUM) market, Birla's offshore funds size had been varying from 370 million dollars in March to 350 million dollars in August.

The Birla fund stands fifth among Indian AMC firms excluding the government-run Unit Trust of India (UTI).

UNI