KARVY Reorganizes Private Wealth Management Business; Acquires Park Financial Advisors
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.
Tweet-- KARVY today 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”
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About KARVY
KARVY, a leading financial services provider, and ranked among the top five in the country in all its business segments, services over 60 million individual investors in various capacities, and provides investor services to over 400 corporates, comprising the who’s who of Corporate India. KARVY covers the entire spectrum of financial services such as share broking, distribution of financial products like mutual funds, merchant banking, insurance, data management, placement of equity, IPOs, among others. Karvy.com, the online personal finance portal of KARVY provides retail investors the entire gamut of financial services under one platform. Karvy.com allows investors to customize their information needs according to their investment requirements.