Oppenheimer To Shut Indian Operations

However, the offshore India funds already floated by Oppenheimer's asset management outfit will remain operational.

Sources close to the group say the decision has been prompted by Oppenheimer's inability to succeed in Indian investment banking operations in the face of intense competition from other global majors.

Anish Trivedi, senior vice-president and director of Indian research, Oppenheimer India was not available for comment on the issue. Sources say he is the only senior executive still with the organisation.

The first signs of trouble were evident when it stopped preparing and distributing its research reports to its clients and then gradually began pruning its staff.

 

Sources reveal that despite a strong presence in the global scene, Oppenheimer has not been doing too well on the Indian front.

Earlier, Oppenheimer India had expressed its intention to enter into the domestic broking business and was in active negotiations with severalbrokerages.