The wholly-owned subsidiary of Prime Securities Limited, Prime Research & Advisory Limited (PRAL), has sanctioned the setting up of an Alternate Investment Fund (AIF) by two new entities, namely Prime Large Cap Investment Management LLP (PLIM) and Prime Large Cap Investment LLP (PLI).
Important points:
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PRAL will be subscribing to 75% in PLIM and 100% in PLI
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Investments of ₹15 million in PLIM and ₹50 million in PLI sanctioned
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PLIM to be the investment manager of the AIF
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PLI to be the investment vehicle of the AIF
This strategic action is in line with Prime Securities' recent foray into wealth management via its subsidiary Prime Trigen Wealth Ltd. and purchase of a stake in Ark Neo Financial Services. The introduction of an AIF further diversifies Prime's suite of financial services offerings.
Sources: Based on Prime Securities' regulatory filings to BSE and NSE, as reported by Moneycontrol and Economic Times.