Pantaloon hires Sameer Sain to head financial arm

Pantaloon Retail has roped in Goldman Sachs Managing Director Sameer Sain to head its new financial services arm, Future Capital Holdings.

Besides being managing director Sain was head of the special investments group, co-head of wealth management for Europe, the Middle-East and Africa, and a member of the executive committee of Goldman Sachs Bank Zurich.

Kishore Biyani, managing director, Pantaloon Retail, said, "During his 11 years at Goldman Sachs, Sameer has accumulated a broad range of experience, specifically in alternative investments such as hedge funds, private equity and real estate. In addition, he also brings a strong understanding of the global capital markets."

Although Biyani said insurance would be one area Future Capital Holdings would be focusing on, market sources indicated that the company would also be taping other financial products such as mutual funds.

Microcredit is another area the newly formed company would explore as part of its business model. Additionally, Pantaloon is believed to be bringing in its asset and private equity management wings, PFH Advisory Services and Indivision under Future Capital. Shishir Baijal and Sanjiv Gupta would continue to head PFH Advisory Services and Indivision respectively.

Based out of Mumbai, Sain would take charge at Future Capital Holdings in February and then would build his team, which would initially comprise about 50 people.