Business Daily from THE HINDU group of publications
Sunday, Oct 28, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Oct 28, 2007 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
Money & Banking
-
Private Banks Markets - Investments
Mr Samir Bimal, Country Head, ING Vysya Private Banking, and Mr Vaughn Richtor, CEO, ING Vysya Bank Ltd, at the launch of private banking operations in Chennai on Saturday. — Our Bureau Chennai, Oct. 27 ING Vysya Bank expects it would manage $1 billion to $1.5 billion of wealth of private high networth individuals (HNI) in two years. At present, HNI assets under its management is around $0.5 billion, the bank’s officials said at a press conference here on Saturday. Mr Samir Bimal, Country Head, Private Banking, ING Vysya, said that as a thumb rule, a bank would earn 1 per cent of the assets under management as fees. This, then, means that the bank could annually earn between Rs 40 crore and Rs 60 crore by way of fees, after two years. At present, the bank has a 49-member team to look after wealth management of high networth individuals, who place at least Rs 4 crore worth of assets under the bank’s management. The bank intends to double the team size, Mr Bimal said. Mr Bimal feels that now that the RBI has raised the limit for overseas investment to $2,00,000 per individual per year, demand for the facility would pick up. A family of four could have a million dollars to invest abroad, which is a good size to get professional advice for. He said that the private banking advisory desk would provide research and advice to clients on products such as equity, mutual funds, bonds, and real estate funds. Asked if the bank would manage wealth for those who placed less than Rs 4 crore worth of assets under the bank’s management, Mr Bimal said that it would, but there were other products for such customers. More Stories on : Private Banks | Investments | Financial Services
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|