Spark Capital Private Wealth Management, like several of its international peers, is tapping into the region’s rising wealth

India-based Spark Capital Private Wealth Management has launched operations in the Dubai International Financial Centre.

The move is happening via the Spark Global PWM Private Limited entity, which acts as a subsidiary. The new office will be the Middle East operations hub, the firm said in a statement yesterday. 

Spark Capital PWM’s assets under management and advisory have risen to about $3.56 billion from around $360 million in April 2023 – an almost tenfold gain. The firm – present in Indian cities – has expanded its team from 60 professionals to more than 400, including over 130 relationship managers.

“Dubai's strategic location and robust financial infrastructure provide an ideal platform to connect investors across regions with diverse investment opportunities,” Arpita Vinay (pictured) senior managing director and co-CEO, Spark Capital PWM Private Limited, said. 

Dubai has traditionally been an important hub for non-resident Indians (NRIs). Spark Capital PWM, like several of its peers, is tapping into the region’s rising wealth. Examples of firms doing more business there, sometimes with new offices and licences, include IQ-EQ, Titan Wealth, Avaloq, Canaccord, Rothschild & Co, Hamilton Lane, Indosuez Wealth Management, Bank of Singapore, and GSB Capital, among others.