1 min read.Updated: 28 Aug 2019, 08:31 PM ISTSwaraj Singh Dhanjal
The transaction is subject to regulatory approvals
IIFL Wealth & Asset Management has a presence across 33 locations in 7 major global financial hubs and 26 locations
IIFL Wealth, the wealth management business of IIFL group, on Wednesday said that it has entered into a definitive agreement to acquire 100% equity shares of L&T Capital Markets Ltd (LTCM), a subsidiary of L&T Finance Holdings Ltd, which provides wealth management services for individual and institutional clients.
LTCM offers a portfolio of comprehensive products and services across asset classes, together with a dedicated set of research professionals and senior private bankers. IIFL Wealth expects the acquisition to further strengthen its platform for serving high net-worth and ultra-high-worth families.
The transaction is subject to regulatory approvals.
“This (LTCM) team brings product innovation, geographical spread, and client assets of more than Rs. 24,000 crore. While most of our growth over the years has been organic, we have also successfully aligned with the right partners in the business in the past. Going forward, our combined effort will further strengthen our reach and offerings for the high net worth and ultra-high net worth clients across India," said Karan Bhagat, Founder, MD & CEO, IIFL Wealth Management Ltd.
IIFL Wealth & Asset Management has a presence across 33 locations in 7 major global financial hubs and 26 locations including India and around the world. While LTCM is headquartered in Mumbai, and caters to HNI and UHNI clients. LTCM has presence across nine locations in India.
“We have grown the wealth management business into a partner of choice for discerning clients aided by research based differentiated advice. This move will help the wealth management business scale up further by accessing the broader repertoire of products and services offered by the IIFL Wealth platform, which will benefit the clients and the team," said Dinanath Dubhashi, Managing Director & CEO, L&T Finance Holdings Ltd.
L&T Financial Services will continue to focus on its strategy centered around stable and sustainable growth in businesses where we believe we have clear ‘Right to Win’ and can create value for all stakeholders."