Portfolio manager Alchemy relocates Mauritius-domiciled fund to Gift City

Portfolio management services company Alchemy on Wednesday said it has relocated a fund to India's GIFT City from Mauritius.

Alchemy India Long Term Fund l will be registered and operated out of GIFT City, a statement from Kotak Mahindra Bank, which facilitated the relocation, said.

The bank said it has issued the first-ever foreign portfolio investor (FPI) licence to Alchemy's Fund incorporated in GIFT and registered with IFSCA for relocating from its original jurisdiction to the new jurisdiction.

''This will be the first FPI licence issued to a fund incorporated in GIFT by any custodian bank/Designated Depository Participant (DDP) in the country to relocate an existing fund,'' the statement added.

The bank's president for banking and financial institutions group and structured finance, Sachin Samant, hoped Alchemy will set a precedent for several other funds to evaluate the benefits of relocation and experience ease of business and operations in GIFT City.

Hiren Ved, whole-time director, chief executive and chief investment officer at Alchemy Capital Management, said: ''We believe that this move to GIFT City will provide a solid foundation for many years of growth. We look forward to expanding our service offerings in GIFT City.''

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