The Hindu Business Line : DSP Merrill Lynch launches portfolio management scheme

Mr Alok Vajpeyi(Left), President, DSP Merrill Lynch Fund Managers, with Mr Sam Ghosh, Country Manager, Allianz & CEO Allianz Bajaj Life Insurance, at a press conference in Mumbai. - Paul Noronha

Mumbai , June 7

DSP Merrill Lynch Fund Managers launched its portfolio management services on Monday and is targeting a business of over Rs 1,000 crore for the first year of operation.

The asset management company will provide non-discretionary advisory services to Allianz Bajaj Life Insurance Company as part of its PMS services.

Discretionary advice is being offered to high networth individuals, corporates, institutions - both national and international and minimum investment requirement for the collective schemes would be Rs 1 crore, said Mr Alok Vajpeyi, President, DSP Merrill Lynch Mutual Fund.

About 60 per cent to 70 per cent of business generated by Allianz Bajaj is in the unit-linked category and the company recognises the need to have professional advice to manage the equity portfolio, according to Mr Sam Ghosh, Country Manager, Allianz and CEO Allianz Bajaj Life Insurance.

"The fund will be managed by our fund managers with investment advice from DSP Merrill Lynch Fund Managers," said Mr Ghosh. Insurance and Regulatory Development Authority does not allow insurance companies to outsource the investment function.