As­set man­agers need to sim­plify their biz model: State Street chief

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ex­cerpts from an in­ter­view: reg­u­lated quickly af­ter the (2008) global fi­nan­cial cri­sis; it’s only more re­cently that reg­u­la­tors have turned their at­ten­tion to the as­set man­agers and these reg­u­la­tions are an ex­pense chal­lenge for as­set man­agers. they are look­ing to us to help them do that. In fact, they are in­creas­ingly out­sourc­ing more ac­tiv­i­ties to us and look­ing to us to en­able them to grow. So our dig­i­ti­za­tion is not just for our­selves but to en­able our clients, who are other large as­set man­agers, to grow with their clients. ducted in In­dia, in­creas­ingly the in­no­va­tion around the work is com­ing out of In­dia. . We have lots of em­ploy­ees here and in­creas­ingly we see them a source for a lot of new man­agers for us.

We think of In­dia as a co-equal lo­ca­tion with all other lo­ca­tions at State Street, so as we ex­pand we will think where is the right place for the work and that is de­ter­mined by where the tal­ent is.

We are very proud of the tal­ent we have in In­dia, we have grown that tal­ent base dra­mat­i­cally. We ex­pect to see a lot of ac­tiv­i­ties in In­dia. It is very im­por­tant to our busi­ness and we will con­tinue to grow in In­dia as the com­pany grows.

Used car mar­ket­place Spinny is in talks to raise $10-15 mil­lion from Ac­cel Part­ners and Se­quoia Cap­i­tal, two peo­ple fa­mil­iar with the mat­ter said on con­di­tion of anonymity.

The Gu­ru­gram-based com­pany has so far raised $1 mil­lion. Spinny Cars counts Blume Ven­tures, Sim­i­lie Ven­ture and Part­ners, In­dian An­gel Net­work, through its mem­ber Hari Bala­sub­ra­ma­nian, and Freecharge co-founders Ku­nal Shah and San­deep Tan­don as in­vestors.

Spinny Cars, run by Yel­low Drive Tech­nolo­gies Pvt. Ltd, is an on­line plat­form for buy­ing and sell­ing used cars.

Un­like pop­u­lar mar­ket­places for used cars, Spinny buys cars from sell­ers and holds un­til sale. It keeps the in­ven­tory for a max­i­mum of 35 days, be­yond which it dis­poses of the car to one of its part­ner deal­ers.

Ac­cord­ing to the com­pany, di­rect sourc­ing helps cut mid­dle­men com­mis­sions and al­lows it to list cars at 5-6% less than av­er­age mar­ket rates.

For this pur­pose, Spinny op­er­ates a net­work of re­tail hubs where a cus­tomer can re­view the car be­fore buy­ing it. Spinny has three hubs—in Gu­ru­gram, Delhi and Noida— ac­cord­ing to its web­site.

E-mails sent to the founder and chief ex­ec­u­tive of­fi­cer Ni­raj Singh didn’t elicit re­sponse un­til press time.

Spinny Cars com­petes di­rectly with man­u­fac­turerowned used car re­tail­ers such as Mahin­dra First Choice Wheels and Maruti True Value. Other start-ups in the car-re­selling in­dus­try in­clude Cardekho, Car­trade.com and Droom Tech­nolo­gies, which serve as a mar­ket­place and do not hold in­ven­tory.

Spinny Cars was founded by Iit-delhi grad­u­ates Ni­raj Singh and Ra­man­shu Mathur in June 2015. Like other play­ers, it started as a mar­ket­place for used cars but later saw chal­lenges with re­spect to co­or­di­na­tion be­tween buy­ers and sell­ers and even qual­ity. The com­pany also of­fers credit fa­cil­i­ties for pur­chase of used cars. Spinny piv­oted to the re­tail­ing model in Septem­ber 2016.

It ac­quired Delhi-based start-up Hop­car to strengthen its po­si­tion in the mar­ket.

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