Reliance Money, part of Anil Ambani's (pictured) business empire, is to enter into the wealth management sphere. The company, the largest broking and distribution house in India, wants to tap into the two million wealthy individuals in India, holding over $510 billion in liquid assets, who are projected to inhabit the country by 2011.
Wealth management services in India currently focus mainly on investment in equity-linked portfolio management services, structured products, insurance and mutual funds. However, Sudip Bandyopadhyay, director & CEO of Reliance Money, says the company is aiming to widen this definition by including tax planning & assessment, real estate, art advisory and estate planning.
"The idea is to provide clients a comprehensive range of 'cradle to grave' services in the financial arena," he said.
Reliance Money is targeting high net worth individuals and also plans to have a separate module to exclusively concentrate and cater to the financial planning needs of senior citizens.
The wealth management services of Reliance Money will also be available to the 25 million non-resident and "persons of Indian origin" through its overseas offices in UAE, Oman and Hong Kong. It plans to expand its operations in over 15 countries spread across Europe, North Africa, the Middle East and South East Asia by 2009.
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