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Edelweiss to launch mutual fund, NBFC

Edelweiss to launch mutual fund, NBFC
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First Published: Tue, Mar 20 2007. 11 43 PM IST
Updated: Tue, Mar 20 2007. 11 43 PM IST
Edelweiss Capital, one of India’s largest institutional brokerages, which also has a presence in the investment-banking and private-equity businesses, is set to launch a mutual fund by July 2007. It has announced its entry into the non-banking financial services space as well.
“We have received in-principal approval for a mutual fund and expect to launch the first fund by end of June-July 2007,” said Rashesh Shah, chief executive and managing director, Edelweiss Capital.
The company has hired Jimmy Patel, former chief executive of JM Financial Mutual Fund, to head its new asset-management firm, which will manage the mutual fund, said a company press release. Edelweiss has also hired the former research head at DSP Merrill Lynch, R. Balakrishnan, to head its new non-banking financial services division, which will focus on mortgages and capital-market and commercial-vehicle financing. “We believe our capital-market presence should encompass both equity and credit. Our NBFC will work in extending credit to customers along with banks,” said Shah.
When it starts operation, Edelweiss will be the 33rd mutual fund in India. Thanks to a booming stock market, the total assets under management has grown to Rs3,53,000 crore as on 28 February from around Rs80,000 crore in March 2003. Edelweiss started as a venture capital and investment-banking firm in 1995 and diversified into broking and other financial services in 2000.
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First Published: Tue, Mar 20 2007. 11 43 PM IST
More Topics: Money Matters | Mutual Funds |