Almondz Global Securities Ltd (AGSL), on Tuesday, announced that it will set up a Foreign Institutional Investor (FII) desk in London and Mumbai in a strategic tie-up with Noble Group, an independent investment bank in United Kingdom, to jointly pursue cross-border business opportunities in the financial services space.

A Memorandum of Understanding (MoU) to this effect was signed by AGSL Managing Director & CEO Vinod Mehta and Noble Group Partner & Head of Broking & Distribution James S Bromhead.  

Apart from setting up a Foreign Institutional Investor (FII) desk in London and Mumbai, principle areas of co-operation envisaged in the MoU include starting primary equity operations and establishing a fund through which principal investments will be made by Almondz and UK’s Noble Group, in India.  

The two firms plan to break ground by establishing a FII desk in London, which will develop business of selling Indian listed equity products and equity linked and hybrid securities to UK and other International Institutional Investors, besides UK equities to Indian Institutional investors.  AGSL Managing Director & CEO Vinod Mehta said as and when the equity participation is needed it will be taken up but not as of now. He was also not forthcoming on quantum of fund to be raised through the launch of India-specific fund.