MUMBAI :
Brokerage firm CGS-CIMB has entered into a collaboration agreement with Earnest Innovation Partners Private Limited (EIP) for market research coverage with a focus on research on Indian economy as well as listed and unlisted Indian corporates.
Earnest Innovation Partners Private Limited (EIP) is a company founded and wholly owned by former country head of CGS-CIMB Devesh Kumar, through his family holding company EIP Holdings Pvt. Ltd. Incred group, a diversified financial services conglomerate, will be joining EIP as a majority partner, and will provide execution services by onboarding clients.
“The main purpose is to further expand our research coverage in India and continue to add value to our clients’ investment decisions in India. EIP is a licensed entity by Sebi as Equity Analyst and will specialize in the research business with a focus on research on the Indian economy, as well as listed and unlisted Indian corporates. The CGS- CIMB Equity research and sales team members have now joined EIP and will soon commence co- branded research coverage, publication, and client account management,” said Malcolm Koo, managing director, regional head of institutional sales, CGS-CIMB in a mail to its clients.
Malaysia-based CIMB Bank Berhad officially opened its representative office in India in November 2010. CIMB Securities (India) Pvt Ltd. was later set up in October 2012 to carry out equities broking and investment banking activities. In 2012, CIMB entered the Indian markets through acquisition of the Royal Bank of Scotland’s (RBS) India business with focus on business lines including the set-up of a private client group (PCG) and corporate advisory division.
CIMB Securities (India) Pvt. Ltd. was renamed to CGS-CIMB Securities (India) Pvt. Ltd. on 12 March 2018.
