Thursday, March 22, 2007

Edelweiss to start asset management and NBFC businesses; recruits senior people for the same

Leading domestic investment bank Edelweiss will commence asset management and non-banking financial company (NBFC) businesses by investing a total of Rs. 400 crores in the new ventures. Edelweiss would invest Rs. 300 crores for the NBFC business and another Rs. 100 crores for the asset management business. The NBFC would be looking at mortgage business and other credit instruments. Edelweiss had received in-principal approval from SEBI for the asset management company.

Edelweiss also announced the appointment of senior executives for its new business of NBFC and AMC businesses. R Balakrishnan, who will head the NBFC business, has been appointed executive vice-president of Edelweiss. Mr. Balakrishnan earlier worked as Senior VP & Head of Equity Research at DSP Merrill Lynch. Prior to Edelweiss, he was an independent consultant and part of the senior management team at credit rating agency CRISIL. For the AMC business, Edelweiss appointed Jimmy Patel as the CEO. Patel’s earlier stints include CEO and COO of JM Financial Mutual Fund and with the Principal Group, where he was in-charge of their pension initiative in India. Edelweiss also took on board Peeyoosh Chadda of Barclays as co-head of the AMC business.

Read the Business Standard article.

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