| Founded | 2008 |
|---|---|
| Founder(s) | Karan Bhagat Yatin Shah Amit Nitin Shah |
| Headquarters | , |
Area served | Worldwide |
Number of employees | 900 (September 2020) |
| Rating | A1+ by CRISIL,[1] A1+ by ICRA[2] |
| Website | www |
IIFL Wealth Management Ltd. is an Indian wealth management firm,[3][4][5] headquartered in Mumbai, India. The company has a presence in 7 countries and 23 locations in India.[6] It offers wealth management, asset management, portfolio management services, investment products, treasury services, estate planning and lending solutions among others. The company has been rated as A1+ by rating agencies such as CRISIL[1] and ICRA.[2]
As of September 2020, IIFL Wealth Management has around ₹2.02 lakh crore (US$27 billion) in assets under management, which includes custody assets.[7][8][9]
History[edit | edit source]
IIFL Wealth was founded in 2008. It operated as a subsidiary of IIFL Holdings, a diversified publicly traded financial services company,[10][11] backed by Fairfax Financial,[12] until the demerger of the IIFL Group into three separately listed entities, one of which is IIFL Wealth.[13]
The equity shares of IIFL Wealth Management are listed on the Bombay Stock Exchange and National Stock Exchange of India.[14]
In December 2018, IIFL Wealth Management launched the IIFL Wealth Index 2018 series, in partnership with Wealth-X.[15][16]
Acquisition[edit | edit source]
In April 2020, IIFL Wealth completed the acquisition of 100% equity shares of L&T Capital Markets (LTCM), a wholly owned subsidiary of L&T Finance Holdings. The acquisition was for a total cash consideration of Rs.230 crore plus available cash balance of LTCM.[17][18]
In October 2018, the company acquired a Chennai-based wealth management firm, Wealth Advisors India for ₹235 crore (US$33 million).[6] IIFL Wealth Management acquired Ashburton India Equity Opportunities for an undisclosed amount in December 2017.[19]
IIFL Wealth Management acquired non banking finance company Chephis Capital Markets in February 2016.[20]
The company had bought a majority stake in India Alternatives Investment Advisors Pvt Ltd,[21] a PE advisory firm, in April 2014.[22]
Funding[edit | edit source]
In June 2018, the company raised ₹745.71 crore (US$105 million) from Ward Ferry, General Atlantic and others.[23]
The New York based PE firm, General Atlantic acquired 21.61 per cent stake in IIFL Wealth Management for ₹1,122.34 crore (US$157 million) in October 2015.[24][25]
Ranking[edit | edit source]
Subsidiaries[edit | edit source]
- IIFL Asset Management Limited
- IIFL Trustee Limited
- IIFL Investment Adviser and Trustee Services Limited
- IIFL Wealth Distribution Services Limited (formerly known as IIFL Distribution Services Limited)
- IIFL Wealth Prime Limited
- IIFL Wealth Securities IFSC Limited
- IIFL Altiore Advisors Ltd.
- IIFL Wealth Portfolio Managers Limited (formerly known as IIFL Portfolio Managers Limited)
- IIFL Wealth Capital Markets Limited (formerly known as L&T Capital Markets Limited)
- IIFLW CSR Foundation
- IIFL Private Wealth Management (Dubai) Limited
- IIFL Inc
- IIFL Private Wealth Hong Kong Ltd
- IIFL Asset Management (Mauritius) Limited
- IIFL (Asia) Pte. Limited
- IIFL Capital Pte. Limited
- IIFL Securities Pte. Limited
- IIFL Capital (Canada) Limited
References[edit | edit source]
- ↑ 1.0 1.1 1.2 "Rating Rationale". CRISIL. Retrieved November 13, 2020.
- ↑ 2.0 2.1 2.2 "IIFL Wealth Finance Limited - ICRA" (PDF). icra.in. ICRA Limited. Retrieved February 2, 2019.
- ↑ Surendar, T. (December 12, 2018). "India to have 500,000 HNIs in the next five years: report". Fortune.
- ↑ Jha, Sneha (November 23, 2018). "How IIFL Wealth Management capitalized on AI for delivering portfolio statements to HNI customers". The Economic Times.
- ↑ Layak, Suman (July 1, 2018). "India's mega rich are swelling. How the wealth management industry is refashioning itself to adapt". The Economic Times.
- ↑ 6.0 6.1 Mahesh, Prashant (October 16, 2018). "IIFL Wealth Management acquires Wealth Advisors". The Economic Times.
- ↑ Joshi, Malvika (September 28, 2018). "IIFL arm looks to migrate to advisory-led model". Livemint.
- ↑ "BSE India" (PDF). Bombay Stock Exchange. Retrieved November 13, 2020.
- ↑ "Wealth managers flourish as HNIs rush for investment advice: 5 Indian firms among only 7 in $10 billion club". Financial Express. July 6, 2018.
- ↑ "IIFL Wealth" (PDF). BSEIndia.com. Retrieved February 2, 2019.
- ↑ Sarkar, Arundhati (June 20, 2018). "IIFL Wealth Raises Funds To Grow Asset Management, NBFC Businesses". BloombergQuint.
- ↑ "IIFL Holdings to demerge capital, wealth, finance business in one year". The Times of India. February 4, 2018.
- ↑ "NCLT approves demerger of IIFL Group into 3 entities". The Economic Times. March 15, 2019.
- ↑ "BSE India". Retrieved November 13, 2020.
- ↑ Buch, Himadri (January 2, 2019). "MFs most preferred asset class for Indian HNIs: Wealth X director". Moneycontrol.com.
- ↑ "IIFL Wealth Index 2018". The Financial Express (India). December 10, 2018.
- ↑ "IIFL Set To Acquire L&T Finance's Wealth Management Arm For Rs 250 Crore". Bloomberg Quint. August 23, 2019.
- ↑ "IIFL completes acquisition of L&T Finance's wealth management business". Moneycontrol. April 24, 2020.
- ↑ Sunkara, Keshav (December 6, 2017). "IIFL Asset Management to acquire Ashburton India Equity Opportunities Fund". VCCircle.
- ↑ "IIFL Wealth Management acquires NBFC Chephis CapitalIIFL Wealth Management acquires NBFC Chephis Capital". New Delhi: Business Standard. February 13, 2016.
- ↑ Allirajan, M. (April 7, 2014). "IIFL Wealth Management acquires India Alternatives". The Times of India.
- ↑ "IIFL Wealth Management acquires India Alternatives Private Equity Fund". The Times of India. April 7, 2014.
- ↑ Raghavanaghavan, Ranjani (June 19, 2018). "IIFL Wealth raising $110 mn from Ward Ferry, General Atlantic and others". VCCircle.
- ↑ "General Atlantic to buy 21.6% stake in IIFL Wealth for Rs 1,122 cr". Mumbai: Business Standard. October 24, 2015.
- ↑ Sanjai, P.R. (October 24, 2015). "GA to buy 21% in IIFL Wealth for Rs1,122 crore". Livemint.
