IIFL Wealth Management Limited has acquired Wealth Advisors India, a Chennai based wealth management firm in a $35m deal.
Wealth Advisors, will become a wholly owned subsidiary of Mumbai-based IIFLW and its employees will become part of IIFL Wealth, entitled to agreed employment benefits.
IIFL Wealth Management has assets under advice and distribution of Rs 1.4 lakh crore. It is the investment advisor to more than 10,000 families in the HNWI and UHNWI segment.
Founded in 2008, it is one of the country’s biggest wealth managers, advising more than 12,000 families in the high-net-worth-individuals (HNWI) and Ultra-HNWI segments in India and abroad, as reported by International Investment.
IIFL Wealth Managers, the parent company IIFL Holdings has a 53.64% stake, General Atlantic 21.52%, employees 20% and foreign financial investors 5%. IIFL Wealth has presence in 8 countries and 23 locations in India.
Established in 2004, Chennai-based Wealth Advisors offers private wealth management, family office and investment adviser services, with a strong presence in South India. As on September 2018, it has assets under advisory of Rs10,950 crore, with 1,275 clients.
According to a report by the Boston Consultancy Group, India is the 5th largest Asian market in number of affluent, HNWIs, and UHNWIs. India’s personal financial wealth which stands at $3trn is forecasted to grow to $5trn by 2022.
Post demonetization, with the conversion of physical assets to financial assets, there has been a sharp growth in demand for wealth management.