Financial Daily from THE HINDU group of publications
Thursday, Aug 04, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 04, 2005 |
|
|
|
|
|
|
|
Corporate
-
Announcements RR Financial sets up art fund Nilanjan Dey
Kolkata , Aug 3 INVESTMENT in art is drawing the attention of financial advisory companies in a big way. The Delhi-based RR Financial has formed a separate company, RR Fine Arts Pvt Ltd, to manage an art fund and counsel clients. The fee-based service would assist high net-worth clients to build portfolios of artworks sourced from galleries, auctions and even direct sales, said Mr Rajat Prasad, Managing Director, RR Financial. The art fund, set up with an initial investment of Rs 2 crore, would target an internal return rate of 30-40 per cent over the next two years. The company would currently focus on building good portfolios. "Allocation to art should be part of an investor's overall wealth management plan," Mr Prasad said, adding that the business was still nascent in India. The RR-mooted fund would help HNIs secure artworks at the best-possible price and not rely on gallery rates, he mentioned. The fund, which has already appointed a curator, currently caters to a handful of clients, who receive quarterly updates. Some of the investments include works by F.N. Souza, Jamini Roy and Ramkumar. Art investment, he said, is rapidly becoming institutionalised in India, thanks partly to the entry of organised players. However, issues relating to taxation need to be resolved in order to attract larger investments. Several private banks have entered the sector and Edelweiss Securities recently launched a `Yatra Fund', which is a close-end four-year vehicle. On maturity, the artwork collection would be sold and the proceeds distributed among the investors.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|