>BrownHairedGirl at 11:08, 14 April 2021

2021-04-14T11:08:40Z

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{{short description|Wealth management firm (e. 2008)}}
{{Orphan|date=February 2019}}

{{Infobox company
| name = IIFL Wealth Management
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| founded = {{Start date and age|2008}}
| founder = Karan Bhagat<br>Yatin Shah<br>Amit Nitin Shah
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| hq_location_city = [[Mumbai]]
| hq_location_country = [[India]]
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| area_served = Worldwide
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| num_employees = 900
| num_employees_year = September 2020
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| rating = A1+ by [[CRISIL]],<ref name=crisil/> A1+ by [[ICRA Limited|ICRA]]<ref name=icra/>
| website = {{URL|https://www.iiflwealth.com/}}
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'''IIFL Wealth Management Ltd.''' is an Indian [[wealth management]] firm,<ref>{{cite news |last1=Surendar |first1=T. |title=India to have 500,000 HNIs in the next five years: report |url=https://www.fortuneindia.com/macro/india-to-have-500000-hnis-in-the-next-five-years-report/102774 |publisher=[[Fortune (magazine)|Fortune]] |date=December 12, 2018}}</ref><ref>{{cite news |last1=Jha |first1=Sneha |title=How IIFL Wealth Management capitalized on AI for delivering portfolio statements to HNI customers |url=https://cio.economictimes.indiatimes.com/news/case-studies/how-iifl-wealth-management-capitalized-on-ai-for-deliver-portfolio-statements-to-hni-customers/66744105 |publisher=[[The Economic Times]] |date=November 23, 2018}}</ref><ref>{{cite news |last1=Layak |first1=Suman |title=India's mega rich are swelling. How the wealth management industry is refashioning itself to adapt |url=https://economictimes.indiatimes.com/news/company/corporate-trends/indias-mega-rich-are-swelling-how-the-wealth-management-industry-is-refashioning-itself-to-adapt/articleshow/64808850.cms |publisher=[[The Economic Times]] |date=July 1, 2018}}</ref> headquartered in [[Mumbai]], [[India]]. The company has a presence in 7 countries and 23 locations in India.<ref name=ec/> It offers [[wealth management]], [[asset management]], portfolio management services, [[investment]] products, [[treasury]] services, [[estate planning]] and lending solutions among others. The company has been rated as A1+ by rating agencies such as [[CRISIL]]<ref name="crisil" /> and [[ICRA Limited|ICRA]].<ref name=icra/>

As of September 2020, IIFL Wealth Management has around ₹2.02 lakh crore (US$27 billion) in assets under management, which includes custody assets.<ref>{{cite news |last1=Joshi |first1=Malvika |title=IIFL arm looks to migrate to advisory-led model |url=https://www.livemint.com/Industry/YP2pH77l4SBSFnZ8mFGfDK/IIFL-arm-looks-to-migrate-to-advisoryled-model.html |publisher=[[Livemint]] |date=September 28, 2018}}</ref><ref>{{cite news|title=BSE India|publisher=[[Bombay Stock Exchange]]|url=https://www.bseindia.com/xml-data/corpfiling/AttachHis/a6bd2a96-0dc0-4881-bde2-52adec54148a.pdf|access-date=November 13, 2020}}</ref><ref>{{cite news |title=Wealth managers flourish as HNIs rush for investment advice: 5 Indian firms among only 7 in $10 billion club |url=https://www.financialexpress.com/industry/wealth-managers-flourish-as-hnis-rush-for-investment-advice-5-indian-firms-among-only-7-in-10-billion-club/1234016/ |publisher=[[The Financial Express (India)|Financial Express]] |date=July 6, 2018}}</ref>

== History ==
IIFL Wealth was founded in 2008. It operated as a subsidiary of [[India Infoline|IIFL Holdings]], a diversified [[publicly traded]] [[financial services]] company,<ref>{{cite web |title=IIFL Wealth |url=https://www.bseindia.com/downloads/ipo/2017928165910IIFL%20IM%2028092017.pdf |website=BSEIndia.com |access-date=February 2, 2019}}</ref><ref>{{cite news |last1=Sarkar |first1=Arundhati |title=IIFL Wealth Raises Funds To Grow Asset Management, NBFC Businesses |url=https://www.bloombergquint.com/business/iifl-wealth-raises-funds-to-grow-asset-management-nbfc-businesses#gs.nCq80nbM |publisher=[[BloombergQuint]] |date=June 20, 2018}}</ref> backed by [[Fairfax Financial]],<ref>{{cite news |title=IIFL Holdings to demerge capital, wealth, finance business in one year |url=https://economictimes.indiatimes.com/industry/banking/finance/iifl-holdings-to-demerge-capital-wealth-finance-business-in-one-year/articleshow/62776055.cms |work=[[The Times of India]] |date=February 4, 2018}}</ref> until the demerger of the IIFL Group into three separately listed entities, one of which is IIFL Wealth.<ref>{{Cite news|date=March 15, 2019|title=NCLT approves demerger of IIFL Group into 3 entities|publisher=[[The Economic Times]]|url=https://economictimes.indiatimes.com/markets/stocks/news/nclt-approves-demerger-of-iifl-group-into-3-entities/articleshow/68419073.cms}}</ref>

The equity shares of IIFL Wealth Management are listed on the Bombay Stock Exchange and National Stock Exchange of India.<ref>{{Cite web|title=BSE India|url=https://www.bseindia.com/stock-share-price/iifl-wealth-management-ltd/iiflwam/542772/|access-date=November 13, 2020}}</ref>

In December 2018, IIFL Wealth Management launched the IIFL Wealth Index 2018 series, in partnership with Wealth-X.<ref>{{cite news |last1=Buch |first1=Himadri |title=MFs most preferred asset class for Indian HNIs: Wealth X director |url=https://www.moneycontrol.com/news/business/mutual-funds/mfs-most-preferred-asset-class-for-indian-hnis-wealth-x-director-3346361.html |publisher=[[Moneycontrol.com]] |date=January 2, 2019}}</ref><ref>{{cite news |title=IIFL Wealth Index 2018 |url=https://www.financialexpress.com/money/wealth-in-india-expected-to-rise-by-87-over-5-years-iifl-wealth-index-2018/1409398/ |publisher=[[The Financial Express (India)]] |date=December 10, 2018}}</ref>

== 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 Rs.230 crore plus available cash balance of LTCM.<ref>{{Cite news|date=August 23, 2019|title=IIFL Set To Acquire L&T Finance's Wealth Management Arm For Rs 250 Crore|publisher=[[Bloomberg Quint]]|url=https://www.bloombergquint.com/business/iifl-set-to-snap-up-l-t-fin-s-wealth-mgmt-arm-for-rs-250-cr}}</ref><ref>{{Cite news|date=April 24, 2020|title=IIFL completes acquisition of L&T Finance's wealth management business|publisher=[[Moneycontrol]]|url=https://www.moneycontrol.com/news/business/markets/iifl-completes-acquisition-of-lt-finances-wealth-management-business-5186041.html}}</ref>

In October 2018, the company acquired a [[Chennai]]-based wealth management firm, Wealth Advisors India for {{INRConvert|235|c|0}}.<ref name="ec">{{cite news |last1=Mahesh |first1=Prashant |title=IIFL Wealth Management acquires Wealth Advisors |url=https://economictimes.indiatimes.com/markets/stocks/news/iifl-wealth-management-acquires-wealth-advisors/articleshow/66248290.cms |publisher=[[The Economic Times]] |date=October 16, 2018}}</ref> IIFL Wealth Management acquired Ashburton India Equity Opportunities for an undisclosed amount in December 2017.<ref>{{cite news |last1=Sunkara |first1=Keshav |title=IIFL Asset Management to acquire Ashburton India Equity Opportunities Fund |url=https://www.vccircle.com/iifl-asset-management-to-acquire-ashburton-india-equity-opportunities-fund/ |publisher=[[VCCircle]] |date=December 6, 2017}}</ref>

IIFL Wealth Management acquired non banking finance company Chephis Capital Markets in February 2016.<ref>{{cite news |title=IIFL Wealth Management acquires NBFC Chephis CapitalIIFL Wealth Management acquires NBFC Chephis Capital |url=https://www.business-standard.com/article/pti-stories/iifl-wealth-management-acquires-nbfc-chephis-capital-116021300402_1.html |publisher=[[Business Standard]] |date=February 13, 2016 |location=[[New Delhi]]}}</ref>

The company had bought a majority stake in India Alternatives Investment Advisors Pvt Ltd,<ref>{{cite news |last1=Allirajan |first1=M. |title=IIFL Wealth Management acquires India Alternatives |url=https://timesofindia.indiatimes.com/business/india-business/IIFL-Wealth-Management-acquires-India-Alternatives/articleshow/33396406.cms |work=[[The Times of India]] |date=April 7, 2014}}</ref> a PE advisory firm, in April 2014.<ref>{{cite news |title=IIFL Wealth Management acquires India Alternatives Private Equity Fund |url=https://economictimes.indiatimes.com/industry/banking/finance/iifl-wealth-management-acquires-india-alternatives-private-equity-fund/articleshow/33392173.cms |work=[[The Times of India]] |date=April 7, 2014}}</ref>

== Funding ==
In June 2018, the company raised {{INRConvert|745.71|c|0}} from Ward Ferry, [[General Atlantic]] and others.<ref>{{cite news |last1=Raghavanaghavan |first1=Ranjani |title=IIFL Wealth raising $110 mn from Ward Ferry, General Atlantic and others |url=https://www.vccircle.com/iifl-wealth-raising-110-mn-from-ward-ferry-general-atlantic-and-others/ |publisher=[[VCCircle]] |date=June 19, 2018}}</ref>

The [[New York City|New York]] based PE firm, [[General Atlantic]] acquired 21.61 per cent stake in IIFL Wealth Management for {{INRConvert|1122.34|c|0}} in October 2015.<ref>{{cite news |title=General Atlantic to buy 21.6% stake in IIFL Wealth for Rs 1,122 cr |url=https://www.business-standard.com/article/companies/general-atlantic-to-buy-21-6-stake-in-iifl-wealth-for-rs-1-122-cr-115102400783_1.html |publisher=[[Business Standard]] |date=October 24, 2015 |location=[[Mumbai]]}}</ref><ref>{{cite news |last1=Sanjai |first1=P.R. |title=GA to buy 21% in IIFL Wealth for Rs1,122 crore |url=https://www.livemint.com/Companies/nIBr3dwpQbiwfMC4gabvFP/GA-to-buy-21-in-IIFL-Wealth-for-Rs1122-crore.html |publisher=[[Livemint]] |date=October 24, 2015}}</ref>

== Ranking ==
* A1+ Rated by [[CRISIL]] in 2020.<ref name="crisil">{{cite web|title=Rating Rationale|url=https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/IIFL_Wealth_Management_Limited_June_05_2020_RR.html|access-date=November 13, 2020|publisher=[[CRISIL]]}}</ref>
* A1+ Rated by [[ICRA Limited|ICRA]] in 2018.<ref name=icra>{{cite web |title=IIFL Wealth Finance Limited - ICRA |url=https://www.icra.in/Rationale/.../72536~IIFL%20Wealth%20Finance-R-20082018.pdf |website=icra.in |publisher=[[ICRA Limited]] |access-date=February 2, 2019 }}</ref>

== 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 ==
{{reflist}}

== External links ==
{{portal|Companies|India}}
* {{URL|https://www.iiflwealth.com/|Official website}}
* [https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=40277079 Company Overview of IIFL Wealth Management]
* [https://economictimes.indiatimes.com/markets/expert-view/we-want-to-buy-growth-not-recovery-karan-bhagat-iifl-wealth-asset-management/articleshow/58868299.cms We want to buy growth, not recovery: Karan Bhagat, IIFL Wealth & Asset Management] at [[The Economic Times]]
* [https://www.businesstoday.in/magazine/special/hottest-young-executive-2015-iifl-wealth-karan-bhagat/story/216097.html A Wealth of Experience] at [[Business Today (India)]]

{{DEFAULTSORT:IIFL Wealth}}
[[Category:Investment management companies of India]]
[[Category:Financial services companies based in Mumbai]]
[[Category:Indian companies established in 2008]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]
[[Category:2008 establishments in Maharashtra]]

IIFL Wealth - Revision history

>BrownHairedGirl at 11:08, 14 April 2021