SBI to expand its portfolio advisory services in Gujarat

Ahmedabad, Feb 16 (PTI) State Bank of India (SBI)today said it will expand its portfolio advisory services inGujarat for tapping high networth investors (HNIs).

The services were launched by the Government-runlender here last September under the banner of SBI Sunrise.

"Financial planning and wealth management centres areproposed to be set up shortly in Ahmedabad, Rajkot, Vadodaraand Surat, where certified financial planners will assist thecustomers in portfolio management," SBI Gujarat Circle ChiefGeneral Manager P Nanda Kumaran told newspersons here.

The nation''s largest lender plans to open four suchcentres in Ahmedabad, two in Vadodara and one each in Suratand Rajkot districts.

"Eight centres, offering advisory services for variousfinancial products, shall be opened in the state," Kumaransaid.

SBI Sunrise is a portfolio management scheme for whichthe bank has tied up with the SBI Mutual fund.

"In addition to routine fund offerings we are now alsooffering a product for customers who have got corpus of Rs 10lakh for investment," he said.

"The corpus will be managed on a portfolio basis withan indicative return at the desired risk level by customers."

"Since the launch of this new service, the bank hasmobilised funds close to Rs 4.7 crore of HNIs in Gujarat," aSBI official said.

To begin with, SBI has proposed to deploy around 24financial planning advisors at various centres.