Kishore Biyani-spearheaded Future Capital Holdings, the financial services unit of the Future Group, plans to enter hedge fund business in next three months, a top company official said on Friday.

The company has already kick-started the process and, "we have already recruited some portfolio managers from Principal PNB," Future Capital Holdings' CEO and Managing Director Sameer Sain told reporters in Mumbai.

In the next twelve months, the company would look at businesses such as mutual funds and other financial services opportunities besides the hedge fund business, Sain said. "We are working on different financial services options and trying to figure out which areas to enter. There are lots on the pipeline and we would like to be in any business, which is profitable for us," he said.

Over the next 12-months, a strong focus would be laid on its financial businesses and "our goal is to become a financial services powerhouse," Sain said.

He, however, declined to divulge further details. Sain said the company, which has just launched its insurance business would be introducing its life and non-life products into the market within the next 45 days. "We have formed a joint venture with France-based SocGen and the insurance businesses will be christened as Future Generale Life and Future Generale Non-life," he said.

Presently, there are around 115 Future Money outlets and in the next 36 months the company plans to roll-out another 500-700 outlets, he added.

FCH, which had raised around USD 125-million in an initial public offer, debuted on the Bombay Stock Exchange today at Rs 1,044, 36.47 per cent higher than the issue price of Rs 765.

On the group's retail business, Future Group's CEO, Kishore Biyani, said "We are planning to scale up our business in the next two years." There were around 16-crore (160 million) footfalls in its stores last year and this year the company expects around 20-crore (200 million) consumers to visit its stores.

Speaking on its credit card business, Biyani said the group has tied-up with private sector ICICI Bank [Get Quote] and that the cards would be available in the next three-four weeks. "We will have fully-integrated services provided by FCH, which would include foreign exchange and money transfer among others," he said.

"Presently, we have assets of $1.1 billion and we are eyeing to double it in the next one year," he added.