The Hindu Business Line : Motilal Oswal launches wealth management biz

Mumbai, Oct. 22 Motilal Oswal on Monday launched its wealth management business — Purple — to cater to the needs of the high networth individuals (HNIs) for expert handling of their finances. It will be floated as a wholly owned subsidiary of MOSL.

Mr. Motilal Oswal, CMD, MOSL, speaking at a meeting on Monday said, “Purple is our initiative to provide the HNI customer with a refreshing new approach to wealth management. It’s an opportunity for MOSL to create a separate, complimentary brand in the financial services space.” They have a three dimensional approach to wealth management, that is, helping in managing personal investments, expanding business as well as the family’s wealth for present and future generations.

They will allot an exclusive private banker (Purple Wealth Partner) to take care of the investment requirements of each of the HNIs. They will observe the client portfolios and advise them about re-balancing the same to maximise their returns.

Purple offers off the shelf products as well as creates unique products and services in-house to provide truly customise solutions. The HNIs can invest through IPOs and private equity funds such as India Business Excellence Fund which is created and managed by MOSL.

A distinctive feature of Purple is that clients are not only advised on investments through MOSL, but through other agents as well. Each client is profiled for their risk-bearing capacity, investment goals and return expectations in order to suggest the best asset portfolio.

“MOSL have roped up close to 20 private banks for Purple and expect to get 30 more in the coming 40 days. Under Purple, there are 350 clients and target a total of 2000 clients by the end of the year. Clientele would include business owners, SMEs, professionals who have gotten rich trough ESOPs, people in the 50 plus age group with accumulated wealth”, said Mr Mohit Batra, Chief Partner- India Purple.

“With the number of HNIs ballooning in India, we plan on focusing on India at the moment, rather than cater anywhere else. But we are setting up shop in Dubai to provide to the NRIs,” added Mr Hitungshu Debnath, Director, Wealth Management Group, MOSL.

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