Ambit Private Wealth, the wealth management division of Ambit Group, the Indian investment bank, aims to broaden its business in the Gulf, a senior executive has told Gulf News.

"We have a growing non-resident Indian client base in Dubai and Abu Dhabi. Qatar is our next destination. Eventually we are planning to have a strong presence in the region," Sutapa Banerjee, chief executive officer of Ambit Private Wealth, was quoted as saying.

The company is focused at present solely on onshore Indian asset classes such as equity, mutual funds, private equity and real estate. The client base is mostly high net worth Indian and non-resident Indians.

With the gradual opening up of the Indian market to foreign investors, Banerjee hopes to offer Ambit‘s wealth management services to foreign clients, she was quoted as saying.

"All the investments we offer are in rupee underlyings. We have tie-ups with a network of foreign institutions [and] through them we do offer multi-currency offshore asset classes depending on the demands of our clients," said Banerjee.

Within a year of its establishment, the private wealth division has more than 105 clients with Rs6 billion ($130 million) under management. The company plans to take it to Rs10 billion by year end and has a target of 350 clients and $1 billion assets under management in four to five years, the report added.

Ambit Group has been one of the leading corporate finance players in the industry and has been always in the top five rankings in India. The firm has stressed the linkage of its investment banking and private banking arms in going after clients such as ultra high net worth individuals.