Wealth Management

Open to joint venture or inorganic acquisition of mutual fund unit

The QIP will lead to dilution of 6.1 per cent of pre-issue outstanding equity capital

360 One confirmed Taparia's departure, saying he tendered his resignation last month and a smooth transition is underway

Axis Bank on Monday said its private banking business Burgundy Private will expand its wealth management services to 15 new cities, increasing its presence to 42 locations across India. With this strategic move, Burgundy Private will now offer its bespoke wealth management services tailored to the unique needs of discerning clients in India's rapidly evolving Tier 2 markets, Axis Bank said in a statement. The new locations, to start with, include Bhubaneswar, Patna, Raipur, Agra, Ghaziabad, Jodhpur, Udaipur, Jalandhar, Meerut, Belgaum, Kozhikode, Thiruvananthapuram, Aurangabad, Nagpur, and Gandhidham, it said. By leveraging its expertise, technology, and data analytics, Burgundy Private aims to deliver personalised solutions that meet the evolving expectations of affluent clients in these emerging geographies, it said. Burgundy Private has an AUM of nearly Rs 2.07 trillion, a 33 per cent increase YoY, and currently manages wealth for over 13,000 families across 27 cities.

Insurer plans to build out its partnership with Shriram Capital Group in India by adding an equal joint venture covering wealth and advice services, doubling down on an initial 2005 investment

Nuvama Wealth Management was listed on the BSE and NSE in September 2023, following the demerger of Edelweiss Financial Services' wealth management business

Mumbai-based HDFC's wealth business has about 800 relationship managers serving customers in about 100 cities and towns

The recent Budget provided a fillip to Multi Asset Allocation funds, which invest in equity, debt and gold, and should be considered as a superior alternative to traditional fixed income

Some of the new cities the bank has added include Patna, Raipur, Ghaziabad, Jodhpur, Udaipur, and Meerut

The semi-autonomous Chinese territory is trying to regain its stature as a global financial hub following years of draconian Covid-19 restrictions and a sweeping crackdown against political dissent

The capital raised will be used to expand the company's wealth management division and support its asset management business

SBI will face competition from global players like HSBC Holdings Plc and Barclays Plc, and local veterans like 360 One WAM Ltd

Brokerage Angel One on Wednesday announced a Rs 250 crore investment into its wealth management arm with an eye to capitalize on the growing affluence in the country. The capital will be deployed to develop core technological infrastructure, leveraging AI and analytics, expand presence in key markets and develop product strategies, as per an official statement. Angel One Wealth has three business verticals, including HNI (high net-worth individuals), UHNI (ultra HNI) and alternate assets, it said. "Through Angel One Wealth we aim to cater to an expansive spectrum of clients, by leveraging technology and staying at the forefront of innovation," Angel One's chairman and managing director Dinesh Thakkar said. It can be noted that some of its peers, including IIFL, already have successful wealth management arms. The Angel One statement said there has been a rapid increase in the HNI population in the country, and is pegged to grow 16 per cent every year to 16.5 lakh by 2027. The com

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From a financial standpoint, the allure of diversifying, tax benefits, capital appreciation, and enjoying favourable rental yields serves as compelling incentive for investment in real estate

IIFL Securities on Friday announced its net profit more than doubled to Rs 180.4 crore in three months ended March 2024 driven by strong growth in all the business segments. In comparison, the company had posted a net profit of Rs 86.4 crore in the year-ago period, IIFL Securities said in a statement. Total income surged 74 per cent year-on-year to Rs 704.4 crore for the quarter under review from Rs 405.2 crore in the January-March quarter of the FY 2022-23. "We witnessed strong growth in all our business segments. Our institutional broking and investment banking franchise has significantly improved their competitive position with stellar operating performance. Indian capital market businesses will continue to witness secular growth given multiple tailwinds over the next decade," "Venkataraman, Chairman, IIFL Securities, said. The company's board of directors in its meeting in March approved an interim dividend of Rs 3 per equity share of the face value of Rs 2 each for the financi

Nomura has built out a dedicated team to tap into Asian markets, hiring more than 70 private bankers over the past three years

A well-diversified portfolio and a long-term investment horizon remain the best strategy for navigating election-related volatility and achieving financial goals, said Abhijit Bhave of Equirus Wealth

Spending on dieticians has more than doubled during the same time, while health coaching recorded a 45 per cent increase in transactions