The Indian broking and distribution house Reliance Money is to expand into the wealth management sector, exploiting bumper growth in the number of Indian high net worth families, according to media reports.

With the help of its wealth managers and in-house research team, Reliance Money, part of the $100 billion Reliance Anil Dhirubhai Ambani Group, will target high net worth individuals and aims to create a wealth management process that extends beyond the investment process.

A number of Western wealth management firms have been hiring staff and looking to expand into the potentially large Indian market, which is producing increasing numbers of HNW individuals.

Under its wealth management services, Reliance Money also plans to have a separate module to  concentrate and cater to the financial planning needs of senior citizens. The company will launch its wealth management services across India with a focus on retail clients, through its network of over 10,000 plus retail outlets across 5,000 plus towns and cities.

The wealth management services of Reliance Money will also be available to the 25 million non-resident Indians and persons of Indian origin through its overseas offices in the UAE, Oman and Hong Kong. The company plans to expand its operations in over 15 countries spread across Europe (London), North Africa, the Middle East and South East Asia by 2009.