Sudipto Roy, the former Business Head of Principal Pnb Mutual Fund will head the new retirement planning firm
Mumbai: Principal will start a retirement advisory firm in the last quarter of this fiscal, according to a person familiar with the development. The company’s Business Head, Sudipto Roy is likely to head the new company which will provide retirement advisory to the age group of above 25 to 40 years.
Principal Pnb is likely to make a formal announcement about its new strategic initiative once everything is finalized and is presently in the process of working on the new venture. The company manages a corpus of Rs 5,246 crores as on March 2011.
Principal Pnb started its India operations in 1994 with IDBI Bank as its partner. In 2003, Principal Financial Services (USA) through its wholly owned subsidiary Principal Financial Group (Mauritius) Ltd acquired 100 per cent stake in the fund house.
Currently, Principal Mauritius, Punjab National Bank and Vijaya Bank own 65%, 30% and 5% respectively, stake in the Principal Pnb Mutual Fund.
Retirement planning as a concept is yet to gain prominence in India. Individual CFPs currently offer retirement planning as a part of their overall services. Presently there are no organized players who purely offer retirement advisory. However several Fund houses and Insurance firms, currently do offer retirement schemes.
