The family office of the US-based firm intends to set up store in the India market, tapping into the potential it sees in the $2 trillion stock market, a report says.

The family office of William O’Neil & Co, a US-based brokerage, intends to set up in India to invest in the country’s equity market, a report says.

O’Neil Capital Management, the name of the family office, plans to get started in India by the beginning of next year, the firm’s president, Steven Birch, was quoted by Bloomberg as saying late last week.

“If I were a foreign portfolio investor with a growth mandate, I’d certainly be working here,” he said. “I’m not worried about valuations and I don’t think they are too stretched.”

The company, which is in the process of getting its foreign portfolio investor permit, plans to start a hedge fund or manage money for wealthy investors, he said. It currently provides equity research through a mobile application called MarketSmith India.

Despite some headwinds and a still-high level of regulation, India is seen as a relatively promising wealth management market. For example, last December, a newly-minted firm called Sanctum Wealth Management said the industry will expand by between 17 and 18 per cent per annum over the next few years (see that story here). Another relatively young India-based firm, Waterfield Advisors, has predicted strong growth in India's wealth management industry.