Almondz, Noble Group sign strategic tie up

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Mumbai, Oct 9 (UNI) Almondz Global Securities Limited (AGSL) has entered into a Memorandum of Understanding (MoU) with Noble Group, an independent investment bank in UK, to jointly pursue cross-border business opportunities in the financial services space.

The MoU was inked by AGSL managing director and CEO Vinay Mehta and Noble Group broking and distribution head and partner James C Bromhead.

The principal areas of co-operation as envisaged in the MoU, include setting up a Foreign Institutional Investor (FII) desk in London and Mumbai, starting primary equity operations, and establishing a fund through which principal investments will be made by Almondz and Noble Group India.

Mr Mehta told mediapersons, ''India is a high growth investment location given the size and growth of its local market, access to natural resources and capital markets, stable investment climate, and skilled low-cost labour. Our alliance with the Almondz Group is synergistic as it will enable us to jointly expand our business canvas.'' Mr Bromhead said, ''The two firms plan to break ground by establishing a FII desk in London. The desk will develop the business of selling Indian listed equity products and equity linked and hybrid securities to UK and other international institutional investors and UK equities to Indian institutional investors. Besides setting up the FII desk, Almondz and Noble will be working together to develop a strategy for Indian companies interested in listing or offering equity and also establish an Indian specific fund through which principal investments will be made by Almondz and Noble Group.'' UNI

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