Financial Daily from THE HINDU group of publications
Wednesday, Sep 28, 2005
Financial Daily from THE HINDU group of publications Wednesday, Sep 28, 2005 |
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Industry & Economy
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Investments Variety - Arts & Crafts Bajaj Capital promoting art as investment option Nilanjan Dey
Kolkata , Sept. 27 BAJAJ Capital has begun promoting art as an important investment option. For starters, it has invested in an art gallery in Delhi. The move, a first for a company that has so far been engaged in debt mobilisation, merchant banking, and distribution of financial products, is aimed at presenting about 50 or so artists from various parts of India, including a few prominent ones. Mr Rajiv Bajaj, Managing Director, said that the company recently identified art as a key ingredient for a successfully constructed portfolio, appropriate for a discerning investor. "Art valuations are known to have appreciated handsomely throughout history. We plan to encourage clients to seriously look at art for purposes of investment," he told Business Line. The company hopes to gain from developments in the contemporary art scenario in India, currently taking place rapidly due to rising awareness thanks to the arrival of new investors interested in buying and selling of art. A few art funds, promoted by dedicated groups, are also coming up in metros. Bajaj Capital has also scaled up its activity to especially cater to high net worth individuals and business families, courtesy a niche group it has set up for the purpose. Branded `La Premier', this is a wealth management service that is offered in Mumbai at the moment and based on financial planning concepts. "The service we offer involves creation of customised financial plans, which are reviewed regularly. It covers succession planning too, done with a view to transferring wealth to the next generation," Mr Bajaj said. The company is keen to ensure "mass customisation" of financial planning, keeping an eye on customers' requirements, particularly on their need to create long-term assets. The aim now is to cater to a larger number of clients - "an objective that should take wealth management to the privileged masses and not to the privileged classes alone." Bajaj Capital is not willing to turn into a stock-broking entity at this stage. It is, however, interested in servicing various customer segments, which, among other things, requires newer points of presence. Ramping up its private client business also forms a key part of its plans.
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