Mumbai-based ASK Group, an equity research and portfolio management service provider, is planning to raise its total assets under management multi-fold in the next three to four years by consolidating its focus on wealth management and advisory businesses.
The group is also planning to invest in real estate through the portfolio management route and also in private equity and advisory businesses. The company has applied for a licence to start mutual fund business with the Securities and Exchange Board of India (Sebi).
ASK Group Director Sameer Koticha said, “Our corporate strategy will be to focus on wealth management through an open product architecture that is essentially research-based and aligned to client needs. We are adding to our product manufacturing capabilities in areas where we believe we can add value such as realty, private equity and advisory, besides the asset management company and mutual fund business for which we are awaiting our Sebi licence.”
The group had bought out its US-based partner Raymond James in 2007 and sold its institutional broking business to the JM Group in early 2008. The group has been catering to the upper-end of the high networth individual (HNI) and ultra HNI segments of the population in its portfolio management and wealth advisory businesses.
“The total ultra high networth individual wealth in the country would be over $200 billion (Rs 10,000 billion), which offers us a huge opportunity,” he said. The proposed real estate fund, which is expected to be launched in February, will be a portfolio management scheme and targeted at HNIs. The MF business is expected to be launched in first quarter of FY10.
“We would like to have a proper blend of manufacturing and advisory capabilities. Our client-centric approach is based on an asset allocation model and well-researched product recommendations suited to the client needs.,” Koticha said.