Indian firm going global
Nuvama Private
PAG-backed Indian private bank running a full NRI offshore stack: DIFC Dubai (2024) plus a MAS-licensed Singapore arm.
Dedicated NRI team
Yes
Strategy tenure
Dubai branch since Aug 2024; part of PAG-controlled Nuvama since 2021 demerger from Edelweiss
India onshore arc
Onshore active
Hubs
Dubai, Singapore, India onshore
Nuvama Private (the ex-Edelweiss wealth business, controlled by Hong Kong PE firm PAG since 2021) is the Indian wealth manager that has built the most complete offshore platform for the NRI wallet. It opened a DIFC-licensed Dubai branch in August 2024 explicitly to serve non-resident Indians and global investors, and runs a MAS Capital Markets Services-licensed Singapore entity (Nuvama Investment Advisors) alongside it. Group AUM was stated at over $46 billion at the Dubai launch, against a listed market cap of over $2.5 billion.
Why it matters
Nuvama is the benchmark for an Indian house building the NRI corridor from scratch: unlike the global private banks that inherited offshore booking centres, it manufactured its own — DIFC plus a MAS-licensed Singapore arm — on top of a PAG balance sheet. It shows the offshore build is now a two-hub minimum (Dubai for the Gulf diaspora, Singapore for Asia) for any Indian firm serious about the wallet.
By the numbers
>$46bn
Nuvama group assets under management at the time of the Dubai launch
FinanceAsia · Aug 2024 · self-reported
The journey
MAS-licensed Singapore arm anchors the second offshore leg
Nuvama runs a Singapore entity, Nuvama Investment Advisors Private Limited, that holds a Monetary Authority of Singapore Capital Markets Services licence covering fund management, custodial services and advising on investment products. Nuvama's Singapore wealth build for accredited and institutional investors was reported through 2025 (10-banker plan, per paywalled trade press not read this session).
Nuvama Private opens DIFC Dubai branch to serve NRIs
Nuvama Private launched a Dubai International Financial Centre (DIFC) branch targeting non-resident Indians and global investors, with Vishwakit Patil as Senior Executive Officer (DIFC), Alok Saigal as President and Head of Nuvama Private, and Vivek Sharma as Head Offshore.
PAG takes controlling stake in the Edelweiss wealth business (later Nuvama)
Hong Kong-based private equity firm PAG invested about $325 million for a controlling stake in what was then Edelweiss Wealth Management, the business that was later demerged and listed as Nuvama in September 2023. PAG retains a majority holding (a stake valued at roughly $1.2bn as reported in 2025).
3 sources · all linked
FinanceAsia · wealthmanagement.sg (MAS CMS register listing) · Private Banker International