Fullerton Securities & Wealth Advisors has absorbed the entire wealth management and broking business team of Mumbai-based financial services firm Pioneer Investcorp, according to various media reports. The 200-strong wealth management unit has been merged with Fullerton while Pioneer’s wealth management unit head Sandip Raichura has left to set up his own firm.
“Fullerton Securities has acquired the entire team of PINC’s retail Wealth and Broking business as PINC was exiting the retail business. We will continue to grow organically and simultaneously leverage inorganic business acceleration opportunities which are aligned to our business approach,” said said Fullerton’s Executive Vice President Rajnish Kumar.
The share price of Pioneer Investcorp shot up 21.21 per cent on the BSE on Tuesday to close at Rs 44 per share, giving the company a market capitalisation of more than Rs 54 crore.
Pioneer Investcorp reported an income of Rs 9.58 crore for the quarter ending June 2011, as compared to Rs 10.38 crore during the same period last year. Its net profit increased from Rs 2.18 crore to Rs 2.42 crore over the same period. For FY11, the firm had reported an income of Rs 48.37 crore with net profit of Rs 13.88 crore.
Fullerton Securities is a subsidiary of Temasek’s Fullerton Financial Holding, a Singapore-based financial holding company involved in investment and wealth management.
Incidentally, the broking industry has recently come under severe pressure. Rakesh Jhunjhunwala-backed Alchemy Shares & Stock Brokers shut down its institutional broking arm and was acquired in August by former HDFC Securities executive director Sanju Verma.
Leave Your Comment
6 years ago
Equity broking and wealth management company Fullerton Securities & Wealth...
6 months ago
Fullerton Financial Holdings Pte Ltd, owned by Singapore state investment firm...
1 month ago
IDFC Alternatives, the private equity arm of non-banking financial company IDFC...