northbridge capital - india wealth management research
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Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 1 SEBI Registration: INM00001150
NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
Copyright © 2011. Northbridge Capital. All Rights Reserved. www.northbridgeasia.com
Analyst – Monali Doshi February 2011 monali@northbridgeasia.com
EXECUTIVE SUMMARY
The total Assets under management for wealth sector (Mutual Fund, Fixed
Income, and Equity) in India is expected to grow at around 33% YoY from
USD 220 billion in 2010 to over USD 500 billion by 2013.
India’s individual wealth is predicated that it will almost double from the
existing USD 1.59 trillion to USD 3.18 trillion in the next three years that
will probably grow at 26% compounded annual rate, whereas the market
size for individual wealth management in China was USD 350 billion and
is expected to reach USD 700 billion by 2014.
The individual HNI wealth across the globe is estimated to grow from USD
39 trillion in 2010 to USD 48.5 trillion by 2013 at a growth rate of 5.6%,
which indicates that the Individual wealth in India which grows at 26%
compounded annual rate is expected to grow at more than four times the
world rate.
Due to overall macro-economic growth and strong recovery in stock
market, India’s high net worth individual population grew to over 130,800
in 2010 and is estimated that it will increase to over 174,095 by 2013.
The fact that affluent wealth is growing at a rate of 17.6% compounded
annually is attracting both foreign wealth managers to set up business and
domestic banks to set up wealth management businesses.
The individual HNI wealth across the globe is estimated to grow from USD
39 trillion in 2010 to USD 48.5 trillion by 2013 at a growth rate of 5.6%,
which indicates that the Individual wealth in India which grows at 26%
compounded annual rate is expected to grow at more than four times the
world rate.
HNWI Wealth (USD trillion)
Source: CapGemini
Distribution of HNWI Investments
Source: CapGemini
The wealth management market in
India will have a target size of 42
million households by 2012, as
against 13 million in 2007.
Over the next four-five years, the
revenue from wealth management
services is expected to contribute to
over one third of full-service financial
institutions.
HNI Wealth across the Globe (USD trillion)
0
20
40
60
2008 2009 2010 2011E 2012E 2013EAfrica Middle East Latin America Asia-Pacific Europe North America
27 29
25 26
22 2312 107 77 5
0%
50%
100%
2009 2010Luxury Collectibles Art Collections
Jewelry, Gems & Watches Other Collectibles
Sports Investments Miscellaneous
3942.17
45.3348.5
0
10
20
30
40
50
60
2010 2011E 2012E 2013E
Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 2 SEBI Registration: INM00001150
NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
Copyright © 2011. Northbridge Capital. All Rights Reserved. www.northbridgeasia.com
CONTENTS
EXECUTIVE SUMMARY 1
WEALTH MARKET 3
SEGMENTATION OF INDIAN WEALTH MARKET 6
WEALTH MANAGEMENT VALUE CHAIN 7
GROWTH OF ASSET UNDER WEALTH MANAGEMENT (AUWM) IN INDIA 8
REGULATION 9
KEY PLAYERS 11
RECENT DEALS 26
ABOUT RESEARCH 27
Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 3 SEBI Registration: INM00001150
NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
Copyright © 2011. Northbridge Capital. All Rights Reserved. www.northbridgeasia.com
WEALTH MARKET
Number of Billionaires around the World Number of Billionaires in Asia
Source: Forbes Rich List
Mukesh Ambani, Lakshmi Mittal, Azim Premji, Anil Ambani, Shashi & Ravi Ruia, Savitri Jindal, Kushal Pal Singh,
Kumar Birla, Sunil Mittal and Anil Agarwal these are the top ten billionaires of India.
Growth of Individual Wealth in India (USD trillion)
The individual wealth in India will almost double in
the next three years. It is estimated to grow from
present USD 1.59 trillion to USD 3.18 trillion by 2012-
2013.
64
49
25 2218
11 10 10 9 7 5 4 4 4 3 2 1 10
10
20
30
40
50
60
70
Ch
ina
Ind
ia
Ho
ng
Ko
ng
Jap
an
Taiw
an
Sou
th K
ore
a
Sau
di A
rab
ia
Isra
el
Mal
aysi
a
Ind
on
esia
Kaz
akh
stan
Leb
ano
n
Sin
gap
ore
U.A
.E
Thai
lan
d
Ph
ilip
pin
es
Ku
wai
t
Pak
ista
n
1.59
2
2.52
3.18
0
0.5
1
1.5
2
2.5
3
3.5
2009-2010 2010-2011E 2011-2012E 2012-2013E
403
64 62 53 49 29 28 25 24 22
0
50
100
150
200
250
300
350
400
450
Un
ited
Sta
tes
Ch
ina
Ru
ssia
Ger
man
y
Ind
ia
Un
ited
Kin
gdo
m
Turk
ey
Ho
ng
Ko
ng
Can
ada
Jap
an
Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 4 SEBI Registration: INM00001150
NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
Copyright © 2011. Northbridge Capital. All Rights Reserved. www.northbridgeasia.com
Asset-wise breakup of Individual Wealth in India
Source: KPW
We can see a shift towards the equity based asset classes which are expected to form 42.9% of individual wealth by 2012-2013 as against 33.9% in 2009-2010.
The investment in debt is expected to increase by 20 % year-on-year in volume terms, its overall proportion is likely to reduce from the present 65.8% of individual wealth in India to 56.1% by 2012-2013. Individuals in India are under invested in alternative assets with just 0.3% of India’s wealth presently in alternative assets as compared to 7% to the globe.
Investment in direct equity of individual wealth in India
amounts to over USD 494,140 million. Investment in fixed deposits & bonds of individual wealth
in India amounts to over USD 481,806 million. Investment in insurance of individual wealth in India
amounts to over USD 227,423 million. Investment in savings bank deposits of individual wealth
in India amounts to over USD 146,768 million. Investment in small savings of individual wealth in India
amounts to over USD 112,861 million. Investment in provident fund of individual wealth in
India amounts to over USD 61,209 million. Investment in mutual funds of individual wealth in India
amounts to over USD 60,425 million. Investment in alternative assets of individual wealth in
India amounts to USD 4,038 million.
Key Asset-wise breakup of Individual wealth in India (%)
Source: KPW
31.10%
30.30%
14%
9%
7%
4% 4% 0.3%
Direct Equity Fixed Deposits & Bonds Insurance
Savings Bank Deposits Small Savings Provident Fund
Mutual Funds Alternative Assets
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
09
-2
01
0
20
10
-2
01
1E
20
11
-2
01
2E
20
12
-2
01
3E
Alternative Assets
Debt
Equities
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Breakdown of HNWI Financial Assets (%)
Source: CapGemini
Wealth management industry currently registers a 30 % plus growth rate. The number of people with more than USD 1 million of financial assets is estimated to double from 84,000 in 2008 to over 166,793 by 2013. By 2012, the country’s wealth management market is expected to be USD 1 trillion, with approximately 42 million households by 2012, as against USD 13 million in 2007.
As the economic conditions are improving, the
profile of HNWI portfolios is likely to shift upward. HNWI’s investment in equities is expected to rise from 29% in 2009 to over 35% in 2011.
It is also expected that fixed-income holdings will increase slightly, as investors will move some of their increased allocations and short–term deposits back into long-term, higher-yielding investments. HNWI’s investment in cash/deposits is expected to increase from 17% in 2009 to around 19% by 2013. HNWI’s investment in real estate is expected to decline to 14% by 2013 as against 17% in 2009.
Number of wealthy people having more than USD 1 million of financial assets
0
20
40
60
80
100
120
2009 2010 2011E 2012E 2013E
29 31 35 32 29
31 3031 32 35
17 16 13 13 14
18 16 14 14 15
6 7 8 9 7 Alternative InvestmentReal Estate
Cash/Deposits
Fixed Income
Equities
84000105840
118720
132966148922
166793
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
2008 2009 2010 2011E 2012E 2013E
Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 6 SEBI Registration: INM00001150
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SEGMENTATION OF INDIAN WEALTH MARKET
Private Banking
USD 1mn in free assets
Private Client
USD 250k in free assets
Premier
USD 100k in free assets
Retail
Source: PricewaterhouseCoopers
The above figure shows the different segments of Indian customers for the wealth management providers. Based on
their investible surplus funds, they can be divided into six segments as given below:
Investible Surplus
Ultra High Net worth = in excess of USD 30 million
Super High Net worth = between USD 10 and USD 30 million
High Net worth = between USD 1 and USD 10 million
Super Affluent = between USD 1,25,000 and USD 1 million
Mass Affluent = between USD 25,000 and USD 1,25,000 Mass Market = between USD 5,000 and USD 25,000
Segments of HNWIs in India by 2012
Source: Live Mint
10,50042,000
320000 350000
0
100,000
200,000
300,000
400,000
Ultra HNWI Super HNWI HNWI Super Affulent
HNI
Affluent
Emerging Affluent
Mass Retail
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WEALTH MANAGEMENT VALUE CHAIN
Private Banks; Trusts Asset Managers Brokers
Advice-Oriented Product-Oriented
WEALTH MANAGEMENT RANGE
Student Start of Career Career Established
Retirement
Liquidity Management (Cash Management)
Deposit based comfort A/C
Credit Cards
Comfort A/C with credit limit
Gold Card
Premium A/C
Platinum Card
Premium A/C
Platium Card
Overnight money A/C
Money Market & Fixed Income Fund
Near Money Market Fund
ZINS Plus
Overnight money A/C
Money Market & Fixed Income Fund
Near Money Market Fund
ZINS Plus
Wealth Formation (Savings Plans)
Top Portfolio
Flagship Portfolio
Titan Portfolio
Top Portfolio
Flagship Portfolio
Titan Portfolio
Capital formation benefit funds
Top Portfolio
Flagship Portfolio
Titan Portfolio
Wealth Optimization (Lump sum Investment)
Absolute return Portfolio
Holding & Private Equities
Modular Wealth Management
Individual Wealth Management
Premium Portfolio
Titan Portfolio
Wealth Management Process from a Client Advice Heritage
Client Advisory
Driven
Objective Setting
Asset
Allocation
Product
Selection
Trading
Product- Driven
Wealth Management Process from a Product-Driven Heritage
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GROWTH OF ASSET UNDER WEALTH MANAGEMENT (AUWM) IN INDIA
Total AUWM growth in India (USD billion)
Source: Northbridge Capital Research
The total assets under wealth management in India are expected to grow at around 33 per cent YoY from USD 165
billion in 2009 to over USD 500 billion in 2013.
Region-wise Investment in India
Based on the most active regions in India, the western region dominates with 61 per cent of the investment activity.
Northern region a distant second with 17 per cent while the eastern region is the least active with only 6 per cent.
165218
288
380
502
0
100
200
300
400
500
600
2009 2010 2011E 2012E 2013E
61%17%
11%
6%
West
North
South
East
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NORTHBRIDGE CAPITAL
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REGULATION
Registration:
No person shall act as portfolio manager unless he holds a certificate granted by the Board (SEBI).
An application by a portfolio manager for the grant of a certificate shall be made to the Board and shall be accompanied
by a non-refundable application fee.
Registration Fees:
Every portfolio manager shall pay a non-refundable fee of USD 2174 (INR one lakh) along with the application for
grant or renewal of certificate of registration.
Every portfolio manager shall pay a sum of USD 21740 (INR ten lakh) as registration fees at the time of the grant of
certificate by the Board.
Every portfolio manager shall pay a renewal fee of USD 1087(INR five lakh) upon grant of renewal.
The following criterion has to be met for registration:
The applicant is a body corporate;
The applicant has the necessary infrastructure such as adequate office space, equipments and the manpower to
effectively discharge the activities of a portfolio manager
The principal officer of the applicant has either
A professional qualification in finance, law, accountancy or business management from a university or an
institution recognized by the Central Government or any State Government or a foreign university;
Or
An experience of at least ten years in related activities in the securities market as a portfolio manager, stock
broker or as a fund manager.
The applicant has in its employment minimum of two persons who, between them, have at least five years
experience in related activities in portfolio management or stock broking or investment management or in the areas
related to fund management;
The capital adequacy requirement shall not be less than the Networth of USD 4.35million( INR two crore)
Minimum portfolio size:
For an investor to avail PWM services, the minimum portfolio size should be Rs.1million. An investor can also open a
PWM account by transferring his existing portfolio of stocks or mutual funds.
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Fees to be charged:
The SEBI (Portfolio Managers) Regulations, 1993, have not prescribed any scale of fee to be charged by the portfolio
manager to its clients.
However, the regulations provide that the portfolio manager shall charge a fee as per the agreement with the client
for rendering portfolio management services.
The fee so charged may be a fixed amount or a return based fee or a combination of both. The portfolio manager
shall take specific prior permission from the client for charging such fees for each activity for which service is
rendered by him directly or indirectly (where such service is outsourced).
The Board on being satisfied that the applicant fulfils the requirements specified above shall send intimation to the applicant and on receipt of the payment of registration fees grant a certificate.
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KEY PLAYERS
Aditya Birla Money Mart Ltd
Date of Inception 1999
Assets Under Management USD 100 million
Number of Clients Over 260,000
Distributors Multiple Distribution
Product & Services Mutual Fund, PMS, Direct Equity, Structured Products, Alternate Asset
Products, Real Estate, Loan against Securities & Mutual Funds, Gold, Life
Insurance, Wealth Management
Description Aditya Birla Group enjoys a leadership position in all the sectors in which it
operates and its operations span 25 countries across six continents. Aditya
Birla Money Mart is having presence through its 37 branches and through a
network of 7,000 business associates across more than 100 centres. The
company caters to the corporate and institutional segment, wealth
management.
Growth in AUM (USD million)
Source: Northbridge Capital Research
85
100109
120132
0
20
40
60
80
100
120
140
2009 2010 2011E 2012E 2013E
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NORTHBRIDGE CAPITAL
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Anand Rathi Financial Services Ltd
Date of Inception 1994
Assets Under Management USD 200 million
Number of Clients Over 11000
Distributors Multiple Distribution
Product & Services Private Wealth Management, Investment Banking, Institutional Equities,
Investment Services
Description Anand Rathi is a leading full service investment bank offering a wide range
of financial services and wealth management solutions to institutions,
corporations, high-net worth individuals and families. The entire firm’s
activities are divided across distinct client groups: Individuals, Private
Clients, Corporate and Institutions and was recently ranked by Asia Money
2006 poll amongst South Asia's top 5 wealth managers for the ultra-rich
people.
Growth in AUM (USD million)
Source: Northbridge Capital Research
180200
220242
266
0
50
100
150
200
250
300
2009 2010 2011E 2012E 2013E
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Angel Broking Ltd
Date of Inception 1987
Assets Under Management USD 104 million
Number of Clients Over 4700
Distributors Multiple Distribution
Product & Services Equity Trading, Commodities, PMS, Mutual Funds, Life Insurance, Personal
Loans, IPO, Depository Services, Investment Advisory, NRI Services
Description Angel has emerged as one of the most respected stock-broking and wealth
management companies in India. Angel is committed to providing ‘Real
Value For Money’ to all its clients, with its unique retail-focused stock trading
business model.
Growth in AUM (USD million)
Source: Northbridge Capital Research
95104
115127
140
0
20
40
60
80
100
120
140
160
2009 2010 20011E 2012E 2013E
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Alankit Assignments Ltd
Date of Inception 1991
Assets Under Management USD 100 million
Number of Clients Over 5900
Distributors Multiple Distributors
Product & Services Wealth Management, PMS, Institutional Equity, Insurance, Mutual Funds, IPO’s, Depository Participant, RTA, Arbitrage, Commodities, Currency Derivatives, Derivatives, Equities
Description Alankit group is a conglomerate of 12 group companies. The group has
evolved from largely Financial & Share Broking Company into a diversified
Business House. It is a professionally managed group, led by a team of level
headed personnel with outstanding managerial skills.
Growth in AUM (USD million)
Source: Northbridge Capital Research
91100
115126
139
0
20
40
60
80
100
120
140
160
2009 2010 2011E 2012E 2013E
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ASK Investment Managers Private Ltd
Date of Inception 1983
Assets Under Management USD 195 million
Number of Clients 10800
Distributors Multiple distribution
Product & Services PMS, Wealth Management, Property Investment Advisors
Description The ASK Group is a diversified Financial Services group renowned for its
strong research based investment advice. Today it is the leader in the areas of
portfolio management and investment advisory services
Growth in AUM (USD million)
Source: Northbridge Capital Research
187 195214
235
259
0
50
100
150
200
250
300
2009 2010 2011E 2012E 2013E
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HSBC Private Bank
Date of Inception 2006
Assets Under Management USD 210 million
Number of Clients 12000
Distributors Multiple Distribution
Product & Services Global Trade Solutions, Cash Management, Factoring Solutions, Business
Current Accounts, Business Loans & Overdrafts, Foreign Exchange Services,
Wealth Management
Description HSBC asset management in India is part of the core global investment
management business of HSBC group. PMS business is offer advisory
solutions to large institutional investors, insurance companies and high net
worth individuals.
Growth in AUM (USD million)
Source: Northbridge Capital Research
198 210231
254 280
0
50
100
150
200
250
300
2009 2010 2011E 2012E 2013E
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Darashaw & Company Ltd.
Date of Inception 1938
Assets Under Management USD 207 million
Number of Clients Over 11500
Distributors Multiple Distribution
Product & Services Wealth Management, Investment Banking, Equity, Debt Intermediation, Consultancy, Retirement Benefits
Description It is amongst the oldest, continuously managed broking and investment
banking house in India. Today it’s a leading broking and investment bank
offering an increasing range of services, including consultancy, to meet its
client’s financial and strategic objectives with discretion and trust. It is spread
across 12 cities in India and has recently set up operations in Singapore.
Growth in AUM (USD million)
Source: Northbridge Capital Research
190207
227.7250.47
275.52
0
50
100
150
200
250
300
2009 2010 2011E 2012E 2013E
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Edelweiss Capital Ltd
Date of Inception 2007
Assets Under Management USD 722 million
Number of Clients Over 12,500
Distributors Multiple Distribution
Product & Services PMS, Direct Equity, Structured Products, Mutual Funds, Insurance, Real
Estate Funds, IPO, Art Funds, Derivatives Strategies, Wealth Management
Strategy
Description Edelweiss current businesses include investment banking, securities broking
and investment management. They provide a wide range of services to
corporations, institutional investors and high net-worth individuals.
Growth in AUM (USD million)
Source: Northbridge Capital Research
656722
794873
961
0
200
400
600
800
1000
1200
2009 2010 2011E 2012E 2013E
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Emkay Global Financial Services Ltd. (EMKAY)
Date of Inception 1995
Assets Under Management USD 114 million
Number of Clients Over 6800
Distributors Multiple Distribution
Product & Services Institutional Equities, Wealth Management, Investment Banking, Insurance, Investor Relations, Commodity Trading, Equity Broking, PMS, Depository, Non-Banking Financial Services
Description It is a truly Indian, dynamic and visionary firm, and a trusted name in the
financial arena. It is a full-service brokerage house providing advisory
services, such as investing, trading, research, financial planning and portfolio
management to high net-worth individuals and corporate
Growth in AUM (USD million)
Source: Northbridge Capital Research
102114
125.4137.94
151.73
0
20
40
60
80
100
120
140
160
2009 2010 2011E 2012E 2013E
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Karvy Stock Broking Ltd
Date of Inception 1983
Assets Under Management USD 725 million
Number of Clients 28,000
Distributors Multiple Distributors
Product & Services Private Wealth Management, Equities & Derivatives, Commodities, Mutual
Fund Services, Depository Services, Insurance Broking Services, Bonds &
Deposits, Realty Services, PMS, Currency derivatives, Institutional Services
Description Karvy ranks among the top five brokers in India. It has always believed in
adding value to services it offers to clients. A top-notch research team
supports its employees to advice clients on their investment needs.
Growth in AUM (USD million)
Source: Northbridge Capital Research
675725
797.5877.25
964.98
0
200
400
600
800
1000
1200
2009 2010 2011E 2012E 2013E
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Religare Macquarie Wealth Management Ltd
Date of Inception 2006
Assets Under Management USD 202 million
Number of Clients Over 13,798
Distributors Multiple Distributors
Product & Services Wealth Management Services, Mutual Funds, PMS, Insurance, Alternative
Investments, Offshore Investment Services, Equities & Commodities,
Derivatives, Capital Market Lending
Description Religare operates its wealth management business in partnership with
Macquarie through the joint venture. They are managing, preserving and
building the wealth of the Indian HNIs.
Growth in AUM (USD million)
Source: Northbridge Capital Research
183202
222.2244.42
268.86
0
50
100
150
200
250
300
2009 2010 2011E 2012E 2013E
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India Infoline Investment services Ltd
Date of Inception 1995
Assets Under Management USD 112 million
Number of Clients Over 7,867
Distributors Multiple Distributors
Product & Services Equities, Investment Banking, Insurance, Wealth Management, Asset
Management, Mutual Funds, Loans
Description IIFL offers advice and execution platform for the entire range of financial
services covering products ranging from Equities and derivatives,
Commodities, Wealth management, Asset management, Insurance, Fixed
deposits, Loans, Investment Banking, GoId bonds and other small savings
instruments.
Growth in AUM (USD million)
Source: Northbridge Capital Research
102112
123.2135.52
149.07
0
20
40
60
80
100
120
140
160
2009 2010 2011E 2012E 2013E
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Motilal Oswal Financial Services
Date of Inception 1987
Assets Under Management USD 159.78 million
Number of Clients Over 16,800
Distributors Multiple Distributors
Product & Services Derivatives, Wealth Management, Investment Banking, Private Equity, Asset
Management, IPO, Loan against Shares, Depository Services, Mutual Fund
Distribution, Commodities, Insurance Distribution
Description It is a well diversified financial services firm offering a range of financial
products and services. They have a diversified client base that includes retail
customers including high net worth individuals, mutual funds, foreign
institutional investors, financial institutions and corporate clients.
Growth in AUM (USD million)
Source: Northbridge Capital Research
138.95
159.78167.77
176.16 184.97
0
20
40
60
80
100
120
140
160
180
200
2009 2010 2011E 2012E 2013E
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NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
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Reliance Money
Date of Inception 2008
Assets Under Management USD 800 million
Number of Clients Over 16,870
Distributors Multiple Distributers
Product & Services Wealth Management, Equities, Commodities, Mutual Fund, IPO Investment,
Equity-linked PMS, Insurance, Structured Products
Description Reliance Securities is the broking arm of Reliance Capital. It provides access
to equities, equity option and commodities futures, wealth management,
wealth management services, mutual funds, IPO, offshore investments and
investment banking. It has presence with over 6,100 outlets.
Growth in AUM (USD million)
Source: Northbridge Capital Research
760800
840882 926.1
0
100
200
300
400
500
600
700
800
900
1000
2009 2010 2011E 2012E 2013E
Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 25 SEBI Registration: INM00001150
NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
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SMC Global Securities Ltd
Date of Inception 1990
Assets Under Management USD 198 million
Number of Clients Over 11,568
Distributors Multiple Distributors
Product & Services Wealth Management, Investment Banking, Insurance, Online Trading, Broking
Description SMC group is India’s leading share and stock broker, provides a wide range
of financial services and investment solutions. Over the years, the company
has expanded its operations domestically as well as internationally. It has
expanded its operations domestically as well as internationally and it has the
network of over 2500 offices spread across 425 cities in India.
Growth in AUM (USD million)
Source: Northbridge Capital Research
181 198217.8
239.58263.54
0
50
100
150
200
250
300
2009 2010 2011E 2012E 2013E
Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 26 SEBI Registration: INM00001150
NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
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RECENT DEALS
Atlanta based Wealth Management Company Reliance Financial Corporation announced that its subsidiary
Reliance Trust Company had acquired Harrington Wealth Management Company which is a provider of trust and
investment management services to individuals and institutional clients.
Karvy Private Wealth acquired the wealth management business of iTrust Financial Advisors with operations in
Delhi, Bangalore and Hyderabad. It has acquired the entire business and assets of iTrust.
Future Capital Holding is to exit from its two joint venture companies i.e. Centrum Capital- FCH Centrum Direct
Ltd and FCH Centrum Wealth Managers Ltd. It wants to do solely into retail finance, broking and wealth
management.
Standard Chartered Bank acquired the remaining 25.1% stake in Standard Chartered-STCI capital Markets from
Stock trading Corporation. STCI Capital Market currently offers retail & institutional broking, wealth management
products and investment banking services.
Tata Capital is planning to raise USD 1 billion for its private equity. It has also started its international fund raising
process. Its wealth management business is developing and is planning to foray into the securities broking
business.
Qatar’s largest investment bank will buy 25% stake in Mumbai-based Ambit group. This will help Ambit to expand
its investment banking, advisory and private wealth businesses.
Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 27 SEBI Registration: INM00001150
NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
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ABOUT RESEARCH
Northbridge Capital’s Research team generates Sector and Company research for Indian companies. Should you wish to request a specific research report, please contact Monali Doshi at monali@northbridgeasia.com Northbridge Capital’s Research team also published several periodic updates of relevance to foreign and Indian companies including M&A activity, Debt and IPO issuance etc Research reports on sectors, stocks are also available to clients online and can be accessed at www.northbridgeasia.com
About Northbridge Capital
- Northbridge Capital is an Investment Bank(Category I Merchant Bank) regulated by the Securities &
Exchange Board of India.(Sebi Registration: INM000011500)
- We assist companies with capital raising through various debt and equity instruments in public and
private markets and M&As
- With offices in Hong Kong, Bangkok and Mumbai, Northbridge assist global companies with M&As,
identifying local partners, India entry strategies and other merchant banking activities
- Northbridge assists domestic companies with raising capital in India and overseas both in equity and debt
markets and with Acquisitions in India and abroad
- Northbridge Capital has 6 Practice areas and offers buy side and sell side advice across these areas:
o Consumer
o Technology
o Financial Services
o Life Sciences
o Industrials
o Real Estate
Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 28 SEBI Registration: INM00001150
NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
Copyright © 2011. Northbridge Capital. All Rights Reserved. www.northbridgeasia.com
CONTACT INFORMATION
INDIA OFFICE Monali Doshi Email: monali@northbridgeasia.com Tel: +91-22-22901715 Fax: +91-22-42643612 Northbridge Capital Ltd R-501, Remi Bizcourt Shah Industrial Area Off Veera Desai Road Andheri (West), Mumbai 400 053, India Website: http://www.northbridgeasia.com HONG KONG OFFICE Sam Farrimond Email: sam.farrimond@northbridgeasia.com Tel: +852-28628053 Fax: +852-22909154 Northbridge Partners (Asia) Ltd 22/F, 3 Lockhart Road Wanchai, Hong Kong
Northbridge Capital is an Investment Bank (Category | Merchant Bank) regulated by SEBI 29 SEBI Registration: INM00001150
NORTHBRIDGE CAPITAL
Asia Investment Banking Research
India Wealth Management Research
Copyright © 2011. Northbridge Capital. All Rights Reserved. www.northbridgeasia.com
DISCLAIMER
- This information is for Institutional Investors and Northbridge Capital clients only. It is not meant for
public circulation
- No transmission of this information in any form or medium is allowed without the written authorization
of Northbridge Capital
- This is not a solicitation to buy or sell any security in any jurisdiction.
- The exchange rate of INR/$ is taken as Rs. 45/$.
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