Reliance Money starts business in Hong Kong

{image-reliance money_28052008.jpg news.oneindia.in}New Delhi, May 28: Anil Dhirubhai Ambani-led Reliance Money today said it has forayed into Hong Kong and China with the launch of its financial services for retail investors in these markets.

The country's largest broking and distribution house has tied up with leading broking firm 'Goldride Securities Ltd' for distribution of its financial products and services in the region. ''Reliance Money has emerged as the largest broking house in India with over two million customers within a span of one year. We now endeavour to reach out to the large base of NRI and PIOs in Hong Kong and China with our unique, cost-effective and efficient bouquet of products and services and help them effectively participate in the India growth story,'' Reliance Money Director&CEO Sudip Bandyopadhyay said.

Through this alliance, Reliance Money would be launching its Broking and Portfolio Management Services (PMS) initially. The company would also be offering a Mobile Portal that will allow the users to get free real-time access to market information on their phones.

In addition, Reliance Money, part of the 100-billion- dollar Reliance Anil Dhirubhai Ambani Group, would also be offering to its customers a real-time chat facility, with its experts, to get high quality market research and guidance to take an informed decision.

''This partnership would also help us utilise their expertise by providing enhanced investment tools to a large section of population as well,'' said Mr Anthony Espina, MD of Goldride Securities Ltd.

He added the tie-up will also tap a large pool of funds with institutional clients wanting to invest in India directly from Hong Kong.

Hong Kong, is a regional financial centre and at last count, has over 200 fund management companies managing in excess of 400 billion dollars. These funds are aimed at the Asian markets, including India.

Reliance Money's Portfolio Management Services in Hong Kong would be offered at a threshold level of as low as 50,000 dollars, contrary to conventional higher threshold set by industry players, Mr Bandyopadhyay said.

UNI