The wealth management business of IIFL group, IIFL Wealth yesterday entered into a definitive agreement to acquire cent per cent equity shares in L&T Finance Holding Ltd subsidiary, L&T Capital Markets Ltd (LTCM). LTCM is a prominent wealth management service providing firm serving institutional clients and individuals.
LTCM is equipped with dedicated research professionals and senior private bankers and offers a portfolio of wide-ranging services and products across asset classes. Through this acquisition, IIFL is expecting to further strengthen its services to high worth and ultra-high worth families.
Founder, MD & CEO of IIFL Wealth Management Ltd, Karan Bhagat said, “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.”
Present across 33 locations, 26 in India and seven around the globe, IIFL Wealth & Asset Management is headquartered in Mumbai and caters to NHI and UHNI clients. On the other hand, LTCM is present across nine locations in India.
Managing Director & CEO of L&T Finance Holdings Ltd, Dinanath Dubhashi said “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.”