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Tuesday, January 23, 2001

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Way2wealth gets off ground; plans 100 branches

Our Bureau

BANGALORE, Jan. 22

WAY2WEALTH Securities, a retail investment advisory, was launched on Monday. A spin-off of Sivan Securities' retail investment division, in the next six months, Way2wealth plans to open 100 branches across the country -- in the north, west and in Andhra Pradesh, apart from New Delhi and Mumbai.

According to the CEO, Mr K.R. Mohan, the company plans to expand its product offering to retailing insurance products, mutual funds, IPOs, equities, debt, online trading and derivatives.

Mr V.G. Siddhartha, Chairman, said that the company's competent customer support should help it in retaining its existing client base of over 75,000 customers as well as in netting new ones.

With a capital of Rs 17 crore, the new company expects to raise more ``as and when our expansion activities require it'', according to Mr Siddhartha. The company expects to break even by the end of the year, Mr Mohan said.

``The onset of online brokerages is important, but they will aid not replace services such as ours,'' Mr Kishore Moorjani, Director, said, while emphasising the role of technology in Way2wealth's model. It plans to offer its services online in the next f ew months he added.

The company's branches will be networked, with Internet connectivity and Reuters and NSE terminals, Mr Siddhartha said.

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