Heard on the street
By ET Bureau |
PMS players call for more to average losses
Investors in portfolio management services (PMSs) may not be feeling as privileged nowadays as in the few years before January. After all, most of the PMS schemes have not been spared in the recent bear onslaught. Prior to January, such schemes delivered superlative returns which helped PMS providers get many more ���top-ups��� (further investments in addition to the initial one).
The extent of this rapid meltdown has caught most of these investors in PMSs unawares and is forcing them to stick to their investments there. With many portfolios melting as much as 50-60%, given their predominant exposure to mid- and small-caps, it does not make sense for such investors to pull out money at this juncture. In fact, some aggressive PMSs are trying to get more top-ups in such a scenario in their bid to average out losses. May be, this may help PMSs retain client money for a longer period.
Local broking cos still a draw for talent
THE market may be in a downturn, but the same cannot be said for the hiring plans of broking houses. The exodus from foreign financial firms to their domestic counterparts continues. Mumbai-based Antique Stock Broking has appointed Krish Shanbaugh, a fund manager with hedge fund Clareville Capital, as its head of research. Prior to Claireville, Mr Shanbaug had been with HSBC Securities for four-and-a-half years.
Dharmendra Grover, who handled research for Helios Capital Management has joined Principal Mutual Fund as a fund manager. Reliance Equity International has snapped up Sanjay Kulkarni, a senior sales trader with Citigroup.
Contribution by Nishanth Vasudevan & Santosh Nair
Investors in portfolio management services (PMSs) may not be feeling as privileged nowadays as in the few years before January. After all, most of the PMS schemes have not been spared in the recent bear onslaught. Prior to January, such schemes delivered superlative returns which helped PMS providers get many more ���top-ups��� (further investments in addition to the initial one).
The extent of this rapid meltdown has caught most of these investors in PMSs unawares and is forcing them to stick to their investments there. With many portfolios melting as much as 50-60%, given their predominant exposure to mid- and small-caps, it does not make sense for such investors to pull out money at this juncture. In fact, some aggressive PMSs are trying to get more top-ups in such a scenario in their bid to average out losses. May be, this may help PMSs retain client money for a longer period.
Local broking cos still a draw for talent
THE market may be in a downturn, but the same cannot be said for the hiring plans of broking houses. The exodus from foreign financial firms to their domestic counterparts continues. Mumbai-based Antique Stock Broking has appointed Krish Shanbaugh, a fund manager with hedge fund Clareville Capital, as its head of research. Prior to Claireville, Mr Shanbaug had been with HSBC Securities for four-and-a-half years.
Dharmendra Grover, who handled research for Helios Capital Management has joined Principal Mutual Fund as a fund manager. Reliance Equity International has snapped up Sanjay Kulkarni, a senior sales trader with Citigroup.
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Contribution by Nishanth Vasudevan & Santosh Nair
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