Reliance Money to launch portfolio management service

KOLKATA: Reliance Money, a subsidiary of Anil Ambani group company Reliance Capital, on Thursday said it will start Portfolio Management Services (PMS) targeting people with lower investment funds.
    
"We will start PMS service from January 15. The entry level would be Rs 5 lakh against Rs 50 lakh and Rs 1 crore entry barrier by other players," Reliance Money director and CEO Sudip Bandyopadhyay said here on Thursday.
   
The service will target the people with an investment limit of between Rs 5 and Rs 75 lakh only, the company said.
    
The company would charge fees based on performance. There would be no service charge for return up to eight per cent for the PMS service.
    
The financial distribution company will also begin loan services in rural areas through its centres. Currently, the company has 3,500 outlets across India. It aims to increase the number to 10,000 by this fiscal.
    
The company has tied up with Forum for Integrated Development and Research (FIDR) to popularise a disciplined financial investment culture in semi-urban and rural areas. The tie-up would be effective in West Bengal, Orissa, Bihar and Andhra Pradesh.
    
Bandhyopadhyay said there was no immediate plan for stake dilution or takeover, but should opportunity arise they would be evaluated.