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Reliance Money, a subsidiary of Anil Dhirubhai Ambani group’s Reliance Capital Ltd, launched its wealth management services for the Indian millionaire. The retail broker asserted that it expects 15 percent of its revenue from the new business n the next three years. Sudip Bandyopadhyaya, chief executive of Reliance Money remarked that India has 1.3 million high net worth individuals and they are expected to rise to 2 million by 2012. Hence there is a huge scope in the new business.
Reliance Money will be competing with other local firms like Kotak Securities, Motilal Oswal Financial Services and global firms like HSBC and Credit Suisse among others. The chief executive of Reliance Money revealed that they will be offering equity-linked portfolio management, art advisory, tax planning and real estate. He further revealed that Reliance will target individuals who have investable surplus of over 2.5 million rupees. The Indian brokerages are now competing with banks in offering wealth management services as a volatile stock market makes revenues from broking operations unstable.
