Business Daily from THE HINDU group of publications
Tuesday, Jun 17, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Jun 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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Financial Services Our Bureau Mumbai, June 16 SG Private Banking, the wealth management arm of Societe Generale, is looking to launch real estate and private equity funds for its private banking clients. Both funds will be open-ended funds and will be available to the bank’s domestic and overseas high networth clients, said Mr Balakrishnan Kunnambath, Managing Director and Global Market Manager-Indian Subcontinent. The private bank, which started operations in India in 2005, is looking at a growth rate of 40 per cent. “We have seen a growth rate of 35-40 per cent in Asia and we hope to do better in India,” Mr Kunnambath said. The bank caters to high networth and ultra high networth clients, with investible assets of $1 million, which works to about $3-5 million networth. It has a separate offshore division catering to NRIs from Asia, Europe, West Asia and will soon include north America. The bank recently appointed Mr Nipun Mehta, as Head of Private Banking (India). About the bank’s plans to expand its India business, Mr Mehta said, “Typically we would look at the metro cities. But we would also look at other cities because the economic growth in India has been geographically spread out.” Owing to its global presence, SG Private Banking offers its customers cross border investment products. “Our USP is that clients get access to global markets and Indian markets,” Mr Kunnambath. In the last two to three years there has been increased demand among HNI customers for structured products, given the volatility in the equity market, he said. investment trendsAbout the investment trends among NRIs, Mr Kunnambath said that India centric products are more popular among NRI investors, because they understand the country better. Other regions which have separate offshore divisions include China, Arab countries, India, Japan, France, Latin America. SG Private Banking’s net inflow for 2007 was €8.8 billion, against €7.7 billion in 2006. Assets under management amounted to €76.9 billion. More Stories on : Financial Services | Real Estate & Construction | Venture Capital
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