ASK Group launched office in Coimbatore
ASK Group has launched its financial planning and wealth advisory services in south India with offices in Chennai, Bangalore, Coimbatore and Visakhapatnam. The company plans to have seven offices in the southern region. The ASK Group, an institutional research and portfolio management services provider, recently created a separate firm called ASK Wealth Advisors. “A large number of rich Indians are moving back to south India from abroad. The number of high net worth individuals (HNIs) has been growing at 19.2% and hence, we see a strong potential in this region,” said Rajesh Saluja, CEO, ASK Wealth Advisors.Saluja estimated that there were presently one lakh HNIs in India with investible wealth of over Rs 4 crore per individual, and over two lakh HNIs with over Rs 1 crore of investible wealth. About 15-20% of these HNIs were from south India. “The IT sector has given rise to a large number of first-generation millionaires, especially in Bangalore,” Saluja said. Also, while the southern market was conservative in its investment pattern earlier and mostly invested in bank deposits and gold, younger millionaires were more willing to invest in equity.ASK Wealth Advisors is targeting 1,000-1,500 clients and manageable assets worth Rs 2,000-2,500 crore in two years. The company plans to have 21 offices across India in three years.
