ANZ Grindlays has decided to house the funds management business of the south-Asia and middle-east region in Mumbai and will initially have a strong focus on India.
According to Girija Pande, regional general manager for the funds management business of the bank, under the plan the bank will set up an asset management company (AMC) in India and will seek FIPB permission soon for the purpose.
This division will concentrate on personal banking, personal finance, asset management and insurance selling. The AMC will have a 75 per cent stake of ANZ Grindlays and a 25 per cent stake of an Indian partner.
The AMC will be the product-manufacturing arm and the 60-plus branches of ANZ Grindlays, and Esanda Finance will be the distribution arm, according to Pande. Apart from India the other countries in Asia where the bank will concentrate are Pakistan, Bangladesh and Sri Lanka.
Through the distribution arm ANZ Grindlays will also sell the products of other mutual funds and debt funds. For the benefit of individual customer, ANZ will have 30 investment advisors across the country.
They will aid the investment decision-making process of the customers.
For the corporate customer, ANZ plans to manage the super annuation and pension funds. The bank also plans to sell insurance products through their branch networks. It is currently in talks with insurance companies to set up shop in the private sector for the distribution tie-up.
According to Pande, the bank will also set up a claims management company for insurance. In case of a claim, the company will do all the paperwork and settlement for the client.
