IIFL Wealth Group (IIFL Wealth) said, it has entered into a definitive agreement to acquire 100% equity shares of L&T Capital Markets Limited (LTCM), a wholly-owned subsidiary of L&T Finance Holdings Limited (LTFH), which provides wealth management services for individual and institutional clients. The transaction is subject to regulatory approvals.
LTCM offers a portfolio of comprehensive products and services across asset classes, together with a dedicated set of research professionals and senior private bankers. The move is expected to further strengthen IIFL Wealth’s platform for serving high net-worth and ultra-high-worth families.
Karan Bhagat, Founder, MD & CEO, IIFL Wealth Management Ltd, said, “We are pleased to have this experienced wealth team join us under the leadership of Manoj Shenoy. Born of a genesis steeped in entrepreneurial culture similar to IIFL Wealth and Asset Management, this team brings product innovation, geographical spread, and client assets of more than Rs24,000cr. 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.”
Dinanath Dubhashi, Managing Director & CEO, L&T Finance Holdings Ltd. 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. L&T Financial Services will continue to focus on its strategy centred around stable and sustainable growth in businesses where we believe we have clear ‘Right to Win’ and can create value for all stakeholders.”
JM Financial Limited acted as the exclusive financial advisor to LTFH.