Financial advisor gets new job: Fidelity
A financial advisor with a boutique firm is being given a new job as a portfolio manager for an asset management firm.
The announcement comes as India’s finance minister announced plans to revive the sector and bring it into the mainstream.
Investment banking analyst Jyoti Rana said the appointment of the new portfolio manager will be made soon.
The move comes as the Indian government is revamping the investment banking industry.
The finance ministry is set to take a fresh look at the sector in the next two years, with a goal of bringing investment banking to a level comparable to other investment banks.
Rana said Rana has been in the industry for two decades and he has done the job well.
“He has done well.
He is not just a portfolio-manager.
He has done his part,” she said.
Investment banks have traditionally been run as a small group of bankers with limited capital, but Rana believes that is changing.
She said that a combination of the investment banks, the private sector and government initiatives will bring investment banking into the fold of the wider financial system.
The portfolio manager is expected to be based in India.
Last month, the finance ministry announced plans for a revival of investment banking.
According to the finance department, the investment bank sector is witnessing a decline in growth rates due to changes in tax laws.
In February, the government passed new regulations for investment banks that made it easier for them to operate in the country.
For investors, the changes will bring a number of benefits including lower tax bills, lower costs of capital and better credit ratings.