The Hindu Business Line : Net Asset plans to double manpower

NET Asset Management, the Indian subsidiary of the US-based Envestnet Asset Management, is planning to double its staff strength by the end of next year.

Addressing a press conference here, Monday, the company's Senior Vice-Presidents, Mr Ajay Agarwal and Mr Anilal S. Ravi, said the company would continue to provide software development services, back-office services and investment analysis support to its parent company in the US.

The company plans to have around 250 employees in India by the end of 2005. Envestnet Asset Management was formed in June this year following the merger of the Chicago-based Envestnet and the Los Angeles-based Net Asset Management, Mr Agarwal explained.

Envestnet Asset Management will continue to focus on providing Web-based investment solutions to financial advisors in the US. The company is targeting revenues of $30 million.

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