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Reliance Money aims at Rs 50,000 cr AUM under wealth mgmt Financial services arm of the ADAG Group Reliance Money which forayed into wealth management business two months ago, is aiming at Asset Under Management (AUM) size of about Rs 50,000 crore by the end of next year on the back of new products. "We are targeting AUM size of about Rs 50,000 crore by the end of December 2009 for our wealth management business," Reliance Money CEO Sudip Bandyopadhyay said. The company has introduced two innovative products, he said, adding that there will be some more which will generate a good business. The wealth management entity is currently managing assets of about Rs 1,000 crore. At the same time, the facility would be extended to 50 cities by December 2008 from the existing 21 cities now, he said. Learning Center- http://learning.investorline.co.in/ Mutual funds - http://mutualfunds.investorline.co.in/ Life Insurance - http://insurance.investorline.co.in/ Number of advisors for the business would be more than doubled to 365 from 165 at present, he added. The wealth management platform with a host of unique features, Bandyopadhyay said, is available to high networth individuals having investible surplus of over Rs 25 lakh. Services like tax planning and assessment, real estate, art advisory, investment in art fund and estate planning are part of the advisory, he said, adding, "we also have a separate module which caters to the financial planning needs of senior citizens". Currently, High Networth population of the country is about 1.3 million which is set to grow to 2 million in the next three years, he added. According to industry studies, the population of high networth individuals (HNIs) in the country is expected to grow to over two million wealthy individuals in India, holding over 510 billion dollar in liquid assets, by 2011. Visit our site at – http://newsroom.investorline.co.in/ Learning Center- http://learning.investorline.co.in/ Mutual funds - http://mutualfunds.investorline.co.in/ Life Insurance - http://insurance.investorline.co.in/ Investor Journal - http://research.investorline.co.in/ Latest News - http://investorline.co.in/blogger/?q=aggregator/categories/1 News Resources - http://investorline.co.in/blogger/?q=aggregator/sources Newscatcher- http://catcher.investorline.co.in/ Newsgroups- http://groups.google.com/group/india-investor --~--~---------~--~----~------------~-------~--~----~ Get latest market updates & search internet right from your browser-download our toolbar here- http://investorline.ourtoolbar.com/ Visit our site at – http://investorline.co.in/ Newsroom: http://newsroom.investorline.co.in/ Learning Center- http://learning.investorline.co.in/ Mutual funds - http://mutualfunds.investorline.co.in/ Life Insurance - http://insurance.investorline.co.in/ Investor Journal - http://research.investorline.co.in/ Newscatcher- http://catcher.investorline.co.in/ Interested in Financial Planning-Let us Contact you- http://spreadsheets.google.com/viewform?key=pb_z4f1_zGMg4iBBFT3-SWQ&email=true If you like the site then promote it here- https://www.freetellafriend.com/tell/?url=http://investorline.co.in/blogs/news Create your own free blog on- http://investorline.co.in/blogger Visit this group at http://groups.google.com/group/india-investor -~----------~----~----~----~------~----~------~--~---
