Financial services provider Karvy has acquired boutique financial advisory firm, Park Financial Advisors. Park was started by four entrepreneurs from IIM Ahmedabad and currently has operations in Mumbai and Bangalore.
The company has also merged two of its existing units of private client group and the financial planning group to form Karvy Private Wealth which would focus on advising and managing wealth of High Net worth Individuals (HNIs). The company has regrouped its advisory services to address the special needs of HNIs in India.
Karvy Private Wealth has appointed Mr. Hrishikesh Parandekar, an expatriate Indian, as its CEO. An IIM Ahmedabad alumna, Parandekar has previously worked with McKinsey Consulting and Morgan Stanley Private Wealth Management where he looked after their Latin American and international retail businesses.
Mr. C. Parthasarathy, Chairman, Karvy Group said, “The HNI Investor in India is sophisticated as his global counterparts in terms of understanding various investment options. We strongly believe that there is lack of high quality advice in this segment.”
Karvy services over 60 million individual investors in various capacities, and provides investor services to over 400 corporates. Karvy offers various financial services such as share broking, distribution of financial products like mutual funds, merchant banking, insurance, data management, placement of equity, IPOs, among others.