Reliance money enters into wealth management biz

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To cash in on the growing number of millionaires in the country, Reliance Money, the financial services arm of the ADAG Group, on Tuesday forayed into wealth management services.

The wealth management platform with a host of unique features would be available to high networth individuals having investible surplus of over Rs 25 lakh, Reliance Money CEO Sudip Bandyopadhyay said in New Delhi.

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 added.

According to industry studies, the population of high networth individuals (HNIs) in the country is expected to grow to over two million in India, holding over 510 billion dollar in liquid assets, by 2011.

Under the portfolio, the company would include services like tax planning and assessment, real estate, art advisory, investment in art fund and estate planning, he said.

It would also have a separate module which would cater to the financial planning needs of senior citizens.

“The wealth management market in India is growing faster. We plan to expand the overall pie by also focusing on tier II and tier III cities,” Bandyopadhyay said.

To start with, the company plans to offer the service in 21 cities and towns in the country, he said.