Nuvama Wealth Management Ltd. (previously often known as Edelweiss Securities Ltd.) plans to develop its attain to greater than 300 cities and develop the variety of wealth managers to greater than 2,000 within the subsequent 5 years.
Nuvama’s growth comes within the backdrop of India racing in direction of changing into the world’s third-largest financial system, and all set to turn into the fourth largest non-public wealth market globally by 2028, a high firm official stated.
The firm additionally goals at scaling up its alternative asset administration business, extending the choices to key offshore markets, together with the U.S., West Asia, Europe, and the remainder 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,” stated Ashish Kehair, MD & CEO, Nuvama Group.
Nuvama listed on each main home inventory exchanges on September 26. It had a market capitalisation of greater than ₹8,900 crore as of October 20. The firm’s promoter PAG (one in all Asia’s main alternative funding corporations) intends to introduce specialised wealth administration with an built-in platform in India.
Nikhil Srivastava, Partner and MD, Head of India Private Equity, PAG, stated, “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 analysis estimates that professionally-managed monetary wealth makes up simply 15% of general wealth in India, in contrast with 75% in mature markets.
India is anticipated to proceed to be one of many world’s quickest rising main economies, with GDP development anticipated to attain 6-7% in 2024-25, in contrast with 2-3% for the remainder of the world, as per revealed estimates of World Bank and IMF.
