IIFL Wealth Management
TypePublic company
Founded2008 (2008)
Founders
  • Karan Bhagat
  • Yatin Shah
Headquarters,
Area served
Worldwide
Revenue1,535 crore (US$190 million) (FY2022)
AUM2.62 lakh crore (US$33 billion) (FY2022)
Number of employees
900 (September 2020)
SubsidiariesSee § Subsidiaries
RatingA1+ (CRISIL)[1]
A1+ (ICRA)[2]
Websiteiiflwealth.com

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 among others. The company has been rated as A1+ by rating agencies such as CRISIL[1] and ICRA.[2]

As of March 2022, IIFL Wealth Management has around 2.62 lakh crore (US$33 billion) in assets under management, which excludes custody assets.[7]

History

IIFL Wealth was founded in 2008. It operated as a subsidiary of IIFL Holdings, a diversified publicly traded financial services company,[8][9] backed by Fairfax Financial,[10] until the demerger of the IIFL Group into three separately listed entities, one of which is IIFL Wealth.[11]

The equity shares of IIFL Wealth Management are listed on the Bombay Stock Exchange and National Stock Exchange of India.[12]

In December 2018, IIFL Wealth Management launched the IIFL Wealth Index 2018 series, in partnership with Wealth-X.[13][14]

Acquisition

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 230 crore plus available cash balance of LTCM.[15][16]

In October 2018, the company acquired a Chennai-based wealth management firm, Wealth Advisors India for 235 crore (US$29 million).[6] IIFL Wealth Management acquired Ashburton India Equity Opportunities for an undisclosed amount in December 2017.[17]

IIFL Wealth Management acquired non banking finance company Chephis Capital Markets in February 2016.[18]

The company had bought a majority stake in India Alternatives Investment Advisors Pvt Ltd,[19] a PE advisory firm, in April 2014.[20]

Funding

In June 2018, the company raised 745.71 crore (US$93 million) from Ward Ferry, General Atlantic and others.[21]

The New York based PE firm, General Atlantic acquired 21.61 per cent stake in IIFL Wealth Management for 1,122.34 crore (US$141 million) in October 2015.[22][23]

Ranking

Subsidiaries

  • 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

  1. 1 2 3 "Rating Rationale". CRISIL. Retrieved 13 November 2020.
  2. 1 2 3 "IIFL Wealth Finance Limited - ICRA" (PDF). icra.in. ICRA Limited. Retrieved 2 February 2019.
  3. Surendar, T. (12 December 2018). "India to have 500,000 HNIs in the next five years: report". Fortune.
  4. Jha, Sneha (23 November 2018). "How IIFL Wealth Management capitalized on AI for delivering portfolio statements to HNI customers". The Economic Times.
  5. Layak, Suman (1 July 2018). "India's mega rich are swelling. How the wealth management industry is refashioning itself to adapt". The Economic Times.
  6. 1 2 Mahesh, Prashant (16 October 2018). "IIFL Wealth Management acquires Wealth Advisors". The Economic Times.
  7. "BSE India" (PDF). Bombay Stock Exchange. Retrieved 13 May 2022.
  8. "IIFL Wealth" (PDF). BSEIndia.com. Retrieved 2 February 2019.
  9. Sarkar, Arundhati (20 June 2018). "IIFL Wealth Raises Funds To Grow Asset Management, NBFC Businesses". BloombergQuint.
  10. "IIFL Holdings to demerge capital, wealth, finance business in one year". The Times of India. 4 February 2018.
  11. "NCLT approves demerger of IIFL Group into 3 entities". The Economic Times. 15 March 2019.
  12. "BSE India". Retrieved 13 November 2020.
  13. Buch, Himadri (2 January 2019). "MFs most preferred asset class for Indian HNIs: Wealth X director". Moneycontrol.com.
  14. "IIFL Wealth Index 2018". The Financial Express (India). 10 December 2018.
  15. "IIFL Set To Acquire L&T Finance's Wealth Management Arm For Rs 250 Crore". Bloomberg Quint. 23 August 2019.
  16. "IIFL completes acquisition of L&T Finance's wealth management business". Moneycontrol. 24 April 2020.
  17. Sunkara, Keshav (6 December 2017). "IIFL Asset Management to acquire Ashburton India Equity Opportunities Fund". VCCircle.
  18. "IIFL Wealth Management acquires NBFC Chephis CapitalIIFL Wealth Management acquires NBFC Chephis Capital". Business Standard. New Delhi. 13 February 2016.
  19. Allirajan, M. (7 April 2014). "IIFL Wealth Management acquires India Alternatives". The Times of India.
  20. "IIFL Wealth Management acquires India Alternatives Private Equity Fund". The Times of India. 7 April 2014.
  21. Raghavanaghavan, Ranjani (19 June 2018). "IIFL Wealth raising $110 mn from Ward Ferry, General Atlantic and others". VCCircle.
  22. "General Atlantic to buy 21.6% stake in IIFL Wealth for Rs 1,122 cr". Business Standard. Mumbai. 24 October 2015.
  23. Sanjai, P.R. (24 October 2015). "GA to buy 21% in IIFL Wealth for Rs1,122 crore". Livemint.
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