Financial Daily from THE HINDU group of publications
Tuesday, Sep 20, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 20, 2005 |
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Markets
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Financial Services Fortis Securities sees good potential for PMS Our Bureau
Coimbatore , Sept 19 FORTIS Securities Ltd (FSL), promoted by Ranbaxy Labs, sees high potential for portfolio management service (PMS) and plans to increase the assets under the PMS offered by it to Rs 500 crore from Rs 80 crore within three years. The company, which launched its operations in the South rather late, wants to expand its network in the region rapidly to capitalise on the investment potential in the region. Speaking to newspersons in Coimbatore on Monday on the occasion of the opening of the Coimbatore zonal office, Mr S. Amarnath, Regional Head (South), said that the company has more than 80 offices across the country, which it plans to increase to 125 in six months. Apart from offering a basket of equity-related financial services such as equity and derivatives trading, depository services, private client management, and PMS, it also plays the role of facilitator for margin funding and is engaged in commodities trading. Mr Amarnath said that the PMS offered by FSL has become a big hit with the investors; since its launch in September last year, the value of assets has grown to about Rs 80 crore. The company intends to take this to Rs 500 crore in the next three years. FSL offers three products under the PMS scheme to suit the risk appetite of the investors; the minimum investment is Rs 5 lakh. Mr Amarnath said that FSL has 32 branches in the South and it has plans to expand its reach in the region quickly in view of the sizeable contribution the region made to the daily business turnover. While the daily turnover from across the country is in the Rs 700-800 crore range, the share of the branches in the South is nearly 25 per cent at Rs 180 crore-200 crore. It offers two fee options under PMS - a two per cent annual fee on the principal or 0.75 per cent annual fee on the principal plus a three-slab profit-sharing formula. Apart from the PMS product, it also offers an exclusive product aimed at high net worth individuals. In Tamil Nadu, this is being offered in Chennai and FSL is keen to extend this product to Coimbatore too. Mr Amarnath also said that the company was interested in taking advantage of the permission given to investors to invest in equities abroad up to a limit of $25,000. FSL, which entered the international equity segment very recently, hopes to do well in it.
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