Poor pickings for AIFs

When asked if the market regulator's alternative investment fund (AIF) norms have helped the wealth management industry, a senior executive from Aditya Birla Money said a lower entry barrier (from the current minimum investment level of Rs 1 crore) would have helped. "We all know only 42,800 people earn more than Rs 1 crore, as announced in the Budget, so there aren't many people left to be tapped for the business," he joked wryly.