Reliance Money enters Nigerian market

Reliance Money

Broking and stock market related products major Reliance Money, a part of the Reliance Anil Dhirubhai Ambani Group, has announced its foray into Nigeria through a partnership with Lagos-based industrial house Chellarams Plc.

Through this alliance, Reliance Money would be launching its Broking and Portfolio Management Services (PMS), Mutual Fund and Insurance distribution business. The company’s Portfolio Management Services in Nigeria would be offered at a threshold level of as low as US$50,000.

Nigeria is the first country in Africa where Reliance Money has started its operation in less than one year of its decision to tap the overseas markets. Chellaram, with a turnover of about $100 million, has distribution centres in 10 cities across Nigeria.

The company has already forayed into the UAE, Saudi Arabia and Hong Kong, and plans to expand its operations in over 15 countries by next year.

Reliance Money provides customers with access to equities, equity and commodities futures, mutual funds, life and general insurance products and off-shore investment. The company plans to generate 50% of its revenues from overseas markets by 2012.

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