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Investec, an Anglo-South African financial services group, is looking to expand its securities business in India.
The bank, which so far focused on corporate finance and advisory services in India, plans to set up full-fledged broking and sales trading activity by September. Investec Capital Services India, the domestic subsidiary of Investec Bank Plc, has set up an equities team and initiated coverage on 30 domestically listed companies.
“We started our first research initiation sometime around May. We now have got 30 stock covered and plan to ramp it up quickly by the end of the year. Our trading system too will be operational by September,” said Ajeeth Narayan, country head, Investec India.
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Narayan said Investec’s India business, which predominately included corporate finance and fixed income, has so far been profitable and has helped fund its expansion.
“We will like to bed down these businesses, make them profitable and then look at the next stage,” he said.
Investec Bank has appointed Premal Madhavji as head of equities of its India arm Investec Capital Services India. Madhavji was previously the head of equities at Espirito Santo Investment Bank.
Narayan said the its brokerage unit will look to focus on companies outside the large cap space that offer unique opportunities. In the UK, too, Investec Bank specialises in mid-tier companies.
“We focus on entrepreneur-led businesses. We are unique in bringing certain things to the table. If you look at some of the bigger banks, they are focused on large caps. While in the mid-market segment, there are a bunch of bright Indian advisory houses. But we bring an international element in this,” said Narayan.
