Parden: Shift in strategy

Calcutta, May 4: UK-based Duncan Lawrie Private Banking is betting on the Indian rich to make use of the Reserve Bank’s liberalised remittance scheme to invest in the overseas market.

“We are seeing that wealth protection with consistent return over a medium time horizon is the top priority of investors who have suffered the downside risks of inflation and currency volatility in the domestic Indian market,” said Matthew Parden, managing director of Duncan Lawrie.

The company had received permission to open a representative office in Calcutta in 2009. It has a historic tie with the city as its parent firm Camelia Plc owns city-based tea company Goodricke.

Parden said Duncan Lawrie would offer a “gateway” to wealthy resident Indians interested in diversifying their portfolio with securities traded abroad.

“Investors should take advantage of the LRS scheme from the RBI which allows an Indian resident to legally invest in the overseas market, a maximum of $200,000 per annum (or equivalent amount in a freely convertible currency),” he said.

However, the firm has a focussed client portfolio and is planning to cater to high networth individuals in India with total wealth of about £3 billion or more.

“We are happy with our client base in India and hope to increase it gradually. We do not want to be aggressive in terms of numbers,” he said.

Among the securities on offer are equities and fixed interest products such as bonds, gilts, and real estate.