KARVY REORGANIZES PRIVATE WEALTH MANAGEMENT BUSINESS;
ACQUIRES PARK FINANCIAL ADVISORS
Hyderabad|India|July'2009: KARVY has
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 which would focus on advising
and managing wealth of HNIs. KARVY’s current wide-spread network will
enable kick starting the Private Wealth offering in the cities of Mumbai,
Delhi, Hyderabad, Bangalore, Chennai, Kolkata, Pune and Goa.
KARVY also announced their acquisition of PARK Financial Advisors, a
boutique financial advisory firm, started by four young entrepreneurs from
IIM Ahmedabad. PARK has operations in Mumbai and Bangalore. To build the
Private Wealth initiative, KARVY has appointed Mr. Hrishikesh Parandekar,
an expatriate Indian, as a CEO of this venture. Mr. Parandekar has rich
experience of working with McKinsey Consulting and later on with Morgan
Stanley Private Wealth Management where he looked after their Latin
American and international retail businesses. Originally from Mumbai, he
was a top ranker from IIMA.
Commenting on the initiative, Mr. C. Parthasarathy, Chairman, KARVY Group
said, “The HNI Investor in India is sophisticated as his global
counterparts in terms of understanding various investment options. We
strongly believe that there is lack of high quality advice in this
segment. After having worked hard and taken risk to create wealth, the
Indian HNI investor is correct in expecting a minimum return at acceptable
risk levels irrespective of market conditions. 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”.
Commenting on his new assignment and also on KARVY’s efforts to reorganize
its Wealth Management services, Mr. Parandekar, CEO, mentioned that,
“KARVY’s Private Wealth initiative will obviously leverage extensively on
the 25 year old relationships created by the group. We will also ride on
the physical reach of KARVY retail, to rapidly roll out our wealth
management services. Being positioned as a third party independent wealth
advisor and not being tied to any mutual fund, insurance or bank, clearly
positions KARVY Private Wealth as a neutral player and brings in an
unparalleled level of honesty and trust into the relationship with all our
clients. We are putting together a high quality team to help us achieve
scale at a rapid pace Our acquisition of PARK Financial Advisors has
provided us with a senior leadership team with quality relevant experience
and will also help us accelerate the time to market” .
Reachout's News Bureau
July' 2009
