JM gets fresh alliance offers

JM Financial has received offers for fresh alliances following its decision to part ways with its seven-year-old partner Morgan Stanley.

Chairman Nimesh Kampani said, "We have to wait till all the formalities of the separation gets over . We expect the split to be through by the first quarter of next year."

JM Financial Asset Management, the mutual fund arm of the group, has already recruited 40 persons in the last one month and will hire another 10 more.

The company plans to increase its workforce as it intends to build their research team and for that purpose will be recruiting 100 persons this year. The company is also looking to increase its presence to 75 cities in the coming 12-18 months.

"We were having differences with them (Morgan), but now we are free, "said Vishal Kampani, managing director and head-corporate finance, JM Morgan Stanley.

On their investment plans, after it got $ 445 million from selling its 49 per cent stake in JM Morgan Stanley Securities, the broking arm of the group, Vishal Kampani said the company would be rolling out part of their money to its various businesses.

Meanwhile, JM Financial Asset Management today announced the launch of its open-end equity fund that will invest in small and mid-cap companies. "In the past we were more focused on debt funds but now we are rebuilding our equity team," said Nimesh Kampani.

Nityanath Ghanekar, MD & CEO of JM Financial Mutual Fund said, "With our equity focus and stringent investment approach we will pick 'tomorrow's jumbos' for our investors."

"We should be happy if we are able to garner Rs 500-odd crore during the NFO," said Sandip Sabharwal, CIO, JM Financial Mutual Fund