Mumbai: Financial services firm IIFL Securities is set to venture into the wealth management business. The company has roped in industry veterans Raghav Gupta, Prakash Bulusu and Amit Srivastava from ASK Asset and Wealth Management to drive the unit.
Gupta and Bulusu will be in charge of the wealth businesses as joint CEOs, while Srivastava will oversee investments and products for the firm as a senior managing partner.
“With the joining of these three veteran and accomplished private bankers, the mandate is now to transform IIFL Securities and take it to the next level,” said R Venkataraman, chairman of IIFL Securities. Currently, IIFL Securities has retail broking, institutional broking and investment banking units.
Gupta and Bulusu were managing North, South, and East regions in India and offshore markets at ASK Asset and Wealth.
Srivastava oversaw the managed equity product platform, asset allocation and portfolio analytics desk.
IIFL Securities’ market capitalisation stood at ₹6,073 crore on Tuesday. In comparison, wealth management companies such as 360 One WAM, Nuvama Wealth Management, and Anand Rathi Wealth are valued at ₹28,535 crore, ₹17,913 crore, and ₹17,263 crore respectively.
Last year, IIFL Securities announced the merger of its online retail broking business with 5paisa.com in an all-stock deal. The merger was part of IIFL’s move to restructure its listed broking subsidiaries. IIFL Wealth Management, the other listed group entity, was rebranded as 360 ONE, to cater to ultra-high-net-worth individuals.
