Reliance Capital sets up subsidiary for UK operations

Kolkata: Reliance Capital Asset Management Company has set up a wholly owned subsidiary for its UK operations.

The subsidiary would start operations after six months, Mr Vikrant Gugani, CEO of Reliance Capital Asset Management Ltd, said here.

The subsidiary, to be named Reliance Capital Asset Management (UK) Pvt Ltd, would sell its funds in UK and would also launch Europe-focused funds soonStressing that the company would focus on inorganic growth in offshore markets in the coming years, Mr Gugani said, “We have a target to become the first Indian global asset management company within the next five-six years.” The company already has a subsidiary in Singapore and it also operates in Mauritius and West Asian countries.

Speaking at the launch of the SIP+Insure option here, Mr Gugani said, “The equity market would remain volatile this year and it is safer to invest in equity funds only over a three-year horizon. The newly launched investment option comes with a free life insurance cover and is currently provided in 10 select equity schemes of Reliance Mutual Fund.

He also pointed out that even though the number of new investors is are now less compared with the March-April figures, the number of new sign-ups for the Systematic Investment Plans have been growing by almost 35-40 per cent over the last three months.

The company has a total asset base of Rs 100,000 crore and its total assets under management in equity till March 31, 2008 stand at Rs 33,000 crore.