DBS Cholamandalam to open 60 'wealth management centres' this year

Kochi, Aug 17 (UNI) Investment advisory provider DBS Cholamandalam is aiming to open 60 'wealth management centres' in different parts of the country this year, its Business Head D Arulmany said today.

Addressing a press conference here on the occasion of the company opening three of the centres in Kerala, Mr Arulmany said besides providing share trading services, the centres would serve as one-stop financial advisers, offering mutual funds, insurance, fixed deposits, bonds and post office saving schemes.

Apart from Kochi, the other branches opened today are in Thiruvananthapuram and Kozhikode. Two more branches -- Kottayam and Thrissur -- will be opened next week, he said.

Of the 60 branches planned for this year, 27 would be in the southern states. The company planned to increase the total number of wealth management centres to 120 across the country by next year, including 15 in Kerala, he informed.

On the occasion, Mr Arulmany also announced the launch of 'Club Chola,' a service aimed at High Networth Individuals (HNIs), making investments of more than Rs 500,000. Exclusive seminars by experts, entertainment programmes, subscription to research publications and stock recommendations by highly certified professionals would be among the services provided to members of 'Club Chola.' Mr Arulmany said DBS Cholamandalam's parent company, Cholamandalam DBS, was planning to come out with a rights issue next month. At present, the Murugappa Group and DBS Bank of Singapore hold a 37.48 per cent stake each while 25.04 per cent is held by the public.

With the Indian economy growing at a brisk pace, the investment provider was going to focus on the country's ''emerging millionaires,'' he added.

UNI