Mumbai: JM Morgan Stanley Retail Services Pvt Ltd has achieved the first place in the Prime all-India ranking based on the total amount mobilised in public issues (equity, debt and hybrid) during the year April 2001-March 2002, among all broking and distribution companies.
This represents a significant move up from the ninth position occupied by the company in the previous year. A total of Rs 6,423 crore was mobilised by all market players, through 19 public issues during the year. This included 13 bond issues, seven equity and fully convertible debenture issues.
JM Morgan Stanley Direct (JMMS Direct) is a brand promoted by JM Morgan Stanley Retail Services Pvt Ltd. Since the launch of the brand in 2000, the company has focused on enhancing its distribution and advisory capabilities with the objective of providing optimal investment avenues to investors, who have hitherto not had access to such quality services or have had to manage their investments themselves.
The company has also developed alternate distribution channels such as Independent Financial Advisors and is building a large cadre of trained Investment Advisors at its branches. JM Morgan Stanley Direct has also relocated and launched new branches for higher visibility, easier access and a superior customer experience.
All JM Morgan Stanley Direct branches have full-scale branch automation and a state-of-the-art Customer Relationship Management system, which facilitates a high level of cross selling, provides sales automation, and consolidated statements across all investments to clients. In addition to these initiatives, the company has provided its front end sales persons, the support of centralised research and product teams, which results in a thorough understanding of diverse products, and assists client service through product and customer profile matching and in creating customised products.
In keeping with the brand's positioning as the Investment Advisor of choice for mass-affluent customers, the company has identified other financial products such as equity broking and mutual funds as focus areas and has witnessed good growth trajectories in these businesses as well.
JMMS Direct services over 30,000 investors and 5,000 primary market sub-brokers and Independent Financial Advisors. Says JM Morgan Stanley Direct chief executive Pallav Sinha: "With the growth of vehicles such as mutual funds, reforms in the capital markets, and availability of quality advisors, investors will opt to deploy a progressively larger share of their wallet in debt and equity."
According to JMMS Direct's estimates, less than 10 million individuals have investments in the capital markets (debt and equity), when you exclude those having investments in the guaranteed returns products such as UTI MIPs and single premium policies of yore. This implies a penetration of less than 1 per cent and therefore a very large growth opportunity.