DHFL promoters sell stake in wealth management business to employees

In a separate transaction, LGT group, global private banking and asset management firm, has acquired a substantial majority stake in the Validus Wealth

Within 10 months of starting wealth management business WGC Wealth, Wadhawans, the promoters of beleaguered Dewan Housing Finance Corporation (DHFL), have exited the venture by selling stake to employees. The unit was renamed Validus Wealth after the transaction.
 
In a separate transaction, global private banking and asset management firm LGT Group acquired a majority stake in Validus Wealth. Validus Wealth released a statement but did not disclose financial or ownership details of the deals.
 
Senior executives with financial sector advisory firm said though WGC Wealth was promoted by Wadhawans, it was being run independently by professionals.
 
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