Nuvama Wealth Management Ltd. (formerly known as Edelweiss Securities Ltd.) plans to expand its reach to more than 300 cities and grow the number of wealth managers to more than 2,000 in the next five years.
Nuvama’s expansion comes in the backdrop of India racing towards becoming the world’s third-largest economy, and all set to become the fourth largest private wealth market globally by 2028, a top company official said.
The company also aims at scaling up its alternative asset management business, extending the offerings to key offshore markets, including the U.S., West Asia, Europe, and the rest of Asia.
“With financial wealth and penetration doubling in the next 5-6 years, organised wealth management will see robust growth, quadrupling in size. We are well positioned to ride this growth and capture the opportunity that is present before us,” said Ashish Kehair, MD & CEO, Nuvama Group.
Nuvama listed on both major domestic stock exchanges on September 26. It had a market capitalisation of more than ₹8,900 crore as of October 20. The company’s promoter PAG (one of Asia’s leading alternative investment firms) intends to introduce specialised wealth management with an integrated platform in India.
Nikhil Srivastava, Partner and MD, Head of India Private Equity, PAG, said, “Nuvama’s vision is to provide clients with comprehensive and tailored wealth management solutions and advice to serve Ultra HNIs, Affluent HNIs, corporates and institutions.”
Citi research estimates that professionally-managed financial wealth makes up just 15% of overall wealth in India, compared with 75% in mature markets.
India is expected to continue to be one of the world’s fastest growing major economies, with GDP growth expected to reach 6-7% in 2024-25, compared with 2-3% for the rest of the world, as per published estimates of World Bank and IMF.
Published - October 21, 2023 08:56 pm IST
