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MUMBAI : Asia-focused private investment firm PAG has acquired a 61.5% stake in the wealth management business of Edelweiss group for 2,366 crore, the Mumbai-based financial services group said on Tuesday.

As part of the deal, PAG has acquired the entire ownership of the previous investors in Edelweiss Wealth Management (EWM)—Kora Management and Sanaka Capital.

Edelweiss will continue to hold a 38.5% stake in the wealth management business with the option to increase it further to 44% at a later stage, according to a company statement.

“EWM is one of India’s leading wealth management companies with products and services that are highly regarded by customers. We look forward to leveraging PAG’s global experience to drive innovation and transformation to further strengthen EWM’s market position and create long-term value for all stakeholders," said Nikhil Srivastava, partner and managing director, head of India private equity at PAG. PAG’s primary capital infusion into EWM will further strengthen the equity base of the wealth management business and provide growth capital, the statement said.

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