Mumbai: Religare Enterprises on Tuesday said its group firm—Religare Macquarie Private Wealth and Macquarie Investment Services—would start a new investment service in India that targets the high networth individuals (HNIs).
The new investment service, called the Macquarie Global Investment Service (GIS), is created and managed by Macquarie Investment Services—a Sydney-based portfolio manager and a part of the Macquarie Group, Religare Enterprises said in a statement to the Bombay Stock Exchange (BSE).
Religare Macquarie Private Wealth is the lead distributor of this service in India.
Religare Macquarie Private Wealth is a joint venture (JV) between India’s Religare Group and Australia-based Macquarie Group.
“Through the Macquarie GIS, Indian investors can access three attractive investment themes, including those that could see them benefiting from global markets whether they rise or they fall and investing alongside large institutions,” Vikas Agnihotri, CEO of Religare Macquarie Private Wealth, said.
According to a report by international consultancy firm Celent, Indians are expected to have a trillion dollar worth of investable wealth by 2012.
For wealth managers, the number of potential clients they are able to assist in managing their wealth and the size of that wealth both are expected to grow four times through 2012, the report says.