Macquarie keen to enter India's wealth managment sector

Mumbai, Apr 20 (UNI) Australia-based Macquarie Group said today it is keen to enter into the property development and wealth management sector in the Asia region.

Addressing the mediapersons here, Macquarie Group chairman David Clarke AO said ''Our business in India is a fantastic example of the successful growth, we have had around the region.'' Stating that Macquarie's rapid growth and success stands testimony to the vibrant business culture that exists in India, Mr Clarke AO said ''We are proud that a market as robust and competitive as India, we have been able to make such a tremendous start.'' Macquarie has completed its first full-year operations in India and has been active in Asia over a decade. The Group is one of the largest international providers of specialist financial and diversified investment banking services.

The Group's head (equities) Stuart Smythe said Macquarie has employed 38 people in sales and research in Mumbai. Its 19-strong equities research team covers all major sectors in resources including metals and mining, basic materials, telecom, property sectors and proprietary quantitative research.

The Group has also started a derivatives trading operation in Mumbai, he added.

UNI