Way2Wealth, a retail investment service company (formerly the retail investment arm of Sivan Securities Ltd), is also currently in the process of bringing on other strategic investors and is in talks with an international bank as well.

While the size of the investment by Prudential-ICICI is not known, the sources said the modalities of the agreement were currently being worked out and an official announcement was expected shortly. Incidentally, Global Technology Ventures (the venture funding arm of Sivan Securities) has invested in some of the leading start-ups in Bangalore including the Ashok Soota promoted MindTree Consulting. A capital of Rs 17 crore has been invested in Way2Wealth, of which approximately Rs 5 crore ($1.5 m) came in from GTV and BPL Innovision jointly.

The Prudential-ICICI Asset Management Company is a 55:45 joint venture between the UK-based retail investment and insurance major Prudential and ICICI. The Indian JV had a networth of about Rs 58.13 crore as on March 31, 2000 and has already launched a range of products (including mutual funds) with a view to tap the expanding financial services market in India. As per published reports, the AMC was managing assets worth Rs 4,535.54 crore and 11 funds as on November 30, 2000.

Way2Wealth is looking at being a customer focussed retail investment house which would offer retail investors a range of financial products including equities, public issues, debentures, bonds, insurance, mutual funds etc.

Following the partnership with Pruential-ICICI, Way2Wealth was expected to offer insurance and other retail investment products of Prudential, thereby creating a mutual business relationship, sources added. Incidentally Sivan Securities is already a local distributor of Prudential-ICICI products.