Dawnay Day to offer wealth mgmt services

British financial services company Dawnay Day is launching a complete suite of wealth management services in India.

Its India subsidiary Dawnay Day AV Financial Services (DDAV) is recruiting about 75 relationship managers and DDAV's stock-broking arm is in the process of opening 20 branches in the metropolitan cities.

DDAV also plans to set up a non-banking finance company (NBFC) for lending and borrowing purposes, the company's vice-chairman and managing director, Alok Vajpeyi, said. It has earmarked Rs 70 crore for setting up the necessary infrastructure for its retail initiatives.

DDAV will target customers with net worth of over Rs 1 crore for its wealth management services and those with net worth over Rs 10 lakh for its portfolio management services. It will also establish a web-based trading platform.

The relationship managers and DDAV Securities' branches will be based in New Delhi, Mumbai, Bangalore, Chennai and Ludhiana. Also on the wishlist are cities in Rajasthan, Gujarat and Uttar Pradesh.

Expansion to tier-II and -III cities and towns would be taken up later. Vajpeyi said DDAV relationship managers will reach out to the clients for wealth management services but for portfolio management services, clients would have to walk into the retail branches.