US-based financial services company Raymond James Inc is planning to expand its investment management, investment banking and broking operations through its joint venture arm ASK-Raymond James (RJ) and Associates India Ltd.
In a recent strategy meeting held in US with its global associates and partners, the top brass of Raymond James unanimously agreed that this is a consolidation period for all players and once this bearish cycle is through, the survivors will have a stronger voice in the newer investment atmosphere.
According to Tom Hamilton, principal advisor, "India continues to present exciting long-term business opportunities for RJ, despite blips in the short term. With the objective of fulfilling its business objectives in India, RJ is keen on increasing its commitment of time and resources to its joint venture. Also, assistance from RJ in terms of research, feedback and training in various fields will continue and accelerate."
As far as investment banking is concerned, Raymond James has re-iterated its commitment to India as a sound investment destination. "Vast possibilities have been opened up in exploring cross-border investment opportunities in sectors such as pharmaceuticals, infotech and oil and natural gas for the mutual interest of both, the US and India," Asit Koticha, managing director, ASK-RJ and Associates India Ltd said in a release.
"Raymond James will be looking at using the (Indian) joint venture to distribute some of its own products in these markets, where we do not have a direct presence," said Hamilton.
Taking advantage of the shift in client preference towards more objective advice, RJ aspires to its Indian joint venture ranking among the top-10 Indian broking houses over the next three years.
Despite difficult macro-economic conditions in the field of investing, RJ remains committed to its business arm in India and seeks to cement its position. To that extent, it wishes to capitalise on and add to the present strong client franchise, both internationally and in India, the release added.
Raymond James Inc, is looking to develop and multiply its fund management business here, aimed at both domestic and offshore investors. The Indian joint venture, ASK-RJ Investment Management, has been operating its portfolio management service for large domestic investors.
ASK-RJ Investment Management will soon extend to overseas investors seeking to invest in domestic markets. ASK-RJ Investment Management has launched services in the Middle East.
Over the next few years it hopes to expand to other offshore centers, such as Africa and the Far East. It wants to capitalize on mutual strengths while seizing opportunities of investing in overseas equity when permitted.
Raymond James Financial Inc, provides financial services to individuals, institutions and municipalities through its three wholly owned investment firms, Raymond James & Associates, Raymond James Financial Services, and Raymond James Ltd, which together have more than 5,100 financial advisors in 2,100 locations throughout the US, Canada and overseas. In addition, its asset management subsidiaries currently manage in excess of $16.5 billion.
A 2002 analysts' review of the Wall Street Journal (best on the street), recently awarded the fifth rank to Raymond James Inc, the company said in its release.
