Hyderabad-based financial services provider Karvy group on Tuesday announced the regrouping of its advisory services primarily to address the special needs of high net-worth individuals (HNIs) in India.
Karvy has merged two existing units of private client group and the financial planning group to form Karvy Private Wealth (KVW), which would focus on advising and managing wealth of HNIs. It has appointed Hrishikesh Parandekar, an expatriate Indian, as chief executive officer of this venture.
Karvy’s current widespread network will enable kick starting KVW offering in the cities of Mumbai, Delhi, Hyderabad, Bangalore, Chennai, Kolkata, Pune and Goa, the company stated in a release.
Karvy also announced acquisition of Park Financial Advisors for an undisclosed amount. Park, a boutique financial advisory firm started by four young entrepreneurs from IIM Ahmedabad, has operations in Mumbai and Bangalore.
“Over the years, Karvy has graduated from pure product selling to concept and advice-based selling. We acknowledge that offering advice to HNI customers requires deep understanding of the nuances of the financial markets in India as well as dynamics of global markets. To adequately position us and compete with the best in this segment, we have hired talented people who we believe will offer quality wealth management advice and help Karvy as a group to emerge stronger in the wealth management space,” group chairman, C Parthasarathy, stated.