Thursday, 8th January 2009

 
  • From To

29 May 2008 - Press Briefing

Billionaire-backed group enters lucrative Hong Kong market

Reliance Money, the retail-broking unit of Indian billionaire Anil Ambani's Reliance Capital, has began a foray into Hong Kong's $400bn (€255.5bn) fund-management market in partnership with Goldride Securities Ltd, a local broker, according to a Bloomberg report.

Reliance Money is targeting a bigger share of the record $19.5bn invested in India last year by overseas funds, more than double the funds invested in the previous year. About 70% of funds sent to India by institutional investors go through Hong Kong, chief executive Sudip Bandyopadhyay said.

The company aims to sell broking and wealth management services to expatriates in Hong Kong and China with at least $50,000, Bandyopadhyay said. Goldride will also assist Reliance Money in transactions for resident Indians seeking to invest in those two countries, he added.

Tags: Asset Management , Goldride Securities Ltd , Hong Kong , Reliance Money

Most Read

  1. Study uncovers large inconsistencies in Madoff investments
  2. Comment: EFG International believes size matters
  3. Santander could be forced to compensate private banking clients
  4. Madoff received $250m from US philanthropist days before arrest
  5. Themes in wealth management in 2009

Brummel

Headline

Mayfair goes Modern

Sebastian + Barquet, a three-year old design gallery based in New York and Chelsea, is opening a new gallery showing museum quality pieces in Mayfair next month, the first in London to focus on international modernism from the 1940s to the 1960s. Its opening exhibition is dedicated to American modernist design and is curated by celebrated architect Eric Parry.

Rich Monitor

UK millionaire to auction Tiny Dancer - £12m estimate

A bronze version of impressionist artist Edgar Degas' most famous sculpture is being sold by one of the UK's wealthiest men, expected to reach a high estimate of £12m ($17.6m) next month.

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347