Asset Management groups to expand operations in India

Companies such as Goldman Sachs, BNP Paribas, Canara Robeco, Aditya Birla Financial Services, and Helix Investment Advisors are expanding their bases and presence in India.

Goldman Sachs recently appointed Mr Sonjoy Chatterjee as its new India Chairman, following the promotion of Mr L. Brooks Entwistle as Chairman of South-east Asia and Head of Investment Banking for that region. Mr Entwistle is largely credited with turning around the India business for the banking major. Helix Investment Advisors appointed Mr Andrey Purushottam as its Executive Director.

“There is huge potential in India as less than 2 per cent of the population participates in the stock markets. There is more disposable income at hand and there is huge opportunity for these firms,” said Mr E. Balaji, Chief Executive Officer, Mo Foi Randstad, a global executive search firm.

Aditya Birla Financial Services Group is also looking to ramp up its private equity team in India with the inclusion of Mr Amitvikram Sharma as additional Investment Director and Mr P. H. Ravikumar joining them as Independent Director on its Board of Directors. The group has also opened an office in Dubai this February.

“The opportunities in India are very bright. After the Japan issue, there will be a major influx of funds into India and Hong Kong. Also, any service sector is dependent on man power, which makes up almost 50-65 per cent of the business costs,” said Mr Roshan Nazareth, Managing Director, Hi Profile Consulting, a management and strategy consulting firm.

The mutual fund asset management companies in India are also ramping up their core teams. There are around 44 mutual fund houses in the industry today. While many officials of fund houses have been given promotions within their own organisations, there is quite a bit of churn, with many officials crossing over from one fund house to another.

You can read the full story at thehindubusinessline.com.