PTI
New Delhi: Financial services arm of the ADAG Group Reliance Money which forayed into wealth management business two months ago, is aiming at Asset Under Management (AUM) size of about Rs50,000 crore by the end of next year on the back of new products.
“We are targeting AUM size of about Rs50,000 crore by the end of December 2009 for our wealth management business,” Reliance Money CEO Sudip Bandyopadhyay told PTI.
The company has introduced two innovative products, he said, adding that there will be some more which will generate a good business.
The wealth management entity is currently managing assets of about Rs1,000 crore.
“At the same time, the facility would be extended to 50 cities by December 2008 from the existing 21 cities now,” he said.
“Number of advisors for the business would be more than doubled to 365 from 165 at present,” he added.
The wealth management platform with a host of unique features, Bandyopadhyay said, is available to high networth individuals having investible surplus of over Rs25 lakh.
“Services like tax planning and assessment, real estate, art advisory, investment in art fund and estate planning are part of the advisory,” he said, adding, “we also have a separate module which caters to the financial planning needs of senior citizens”.
“Currently, High Networth population of the country is about 1.3 million which is set to grow to 2 million in the next three years,” he stated.
According to industry studies, the population of high networth individuals (HNIs) in the country is expected to grow to over two million wealthy individuals in India, holding over $510 billion in liquid assets by 2011.