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ICRA offers investment research to global firms
Monday, 12 July 2004, 19:30 IST
BANGALORE: Credit rating agency ICRA Ltd. has entered into a strategic alliance with Bangalore-based BPO firm B2K Corp Ltd. to offer investment research to global investment banks, stock exchanges and other financial intermediaries.
With a unique investment research analyst, christened Brickwork, the partners will provide high-end financial and business analysis to global firms, primarily in the US and the Asia Pacific region.
Announcing the tie-up, ICRA managing director P.K. Choudhury told reporters here Monday the financial services would be offered through B2K offices in the US and India in multiple domains such as pension funds, mutual funds, financial advisors, brokers and insurance firms.
"With international financial markets getting more liberalised, global firms are able to raise capital and invest their surplus across the world.
"In a globalised market place, these firms can choose their investment avenues from a host of instruments ranging from bank loans and equity to commercial paper, bonds and asset-backed securities.
"To ensure they minimise risk factors and stay afloat, research capability and thorough understanding of financial markets are imperative," declared Choudhury.
With the US Securities Exchange Commission enforcing the Sarbanes Oxley Act for greater corporate accountability and accuracy in financial reporting, ICRA and B2K will be targeting prospective clients in the US to implement internal controls through the Brickwork model.
"The Sarbanes Oxley Act requires global firms operating in the US to ensure transparency in their financial accounting to avoid conflict of interests in their entities. We will help such firms to implement the act's internal controls," Choudhary said.
Besides conducting road shows to promote Brickwork, B2K will undertake sector wise research, industry analysis, fixed income and equity and credit research with the domain expertise of ICRA.
"We will commence our operations with a team of 20 high quality analysts, including 15 from ICRA. After we acquire a sizeable number of clients, our staff strength to provide financial services will scale up to 70," said B2K chairman and CEO Vivek Kulkarni.
As part of Brickwork's slew of offerings, we are also looking at providing other services such as accounts receivables, payables and back office processing,"
Kulkarni, the former Karnataka IT secretary who co-founded B2K (Bytes to Knowledge), said the company would post revenue of $5.1 million by the end of its first year of operations in November 2004.
Source: IANS
Source: IANS