Phillip Capital says open to inorganic growth

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SummaryAfter acquiring majority stake in the failed brokerage MG Global's India unit last fiscal, Singapore-based financial firm Phillip Capital today said it is open to more acquisitions in the related space in domestic market.

After acquiring majority stake in the failed brokerage MG Global's India unit last fiscal, Singapore-based financial firm Phillip Capital today said it is open to more acquisitions in the related space in domestic market.

"We will be interested in increasing our scope of relationships whether through organic, acquisitions or even alliances," Phillip Capital Executive Chairman Lim Hua Min told PTI here.

He, however, said the company doesn't have any enterprise value in mind but funds will not be a limiting factor.

In March 2012, the Singapore-based firm had entered into agreement to acquire majority stake in bankrupt broker MF Global's India unit in its bid to increase its footprint in South Asia.

"Entering this market is part of our strategy to increase our footprints in South and West Asia," Min said, adding the company entered Turkey recently as part of this plan.

Referring to the increase in service offerings, Min said the company will be offering new services.

"Along with the existing offerings, we may enter fund management, mutual funds, private equity and insurance among others. We will also look at all possibilities and over time, we will like to be very much part of this landscape," he said.

However, he added no specific timeframe has been fixed for entering these new business areas and the company wants to be a long-term player here.

Phillip Capital, which manages around USD 19 billion assets globally, provides financial services like fund management, insurance planning, investment research and broking in bonds, securities, futures, foreign exchange, precious metals and commodities among others.

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