Template:Infobox company IIFL Wealth Management Ltd. is an Indian wealth management firm,[1][2][3] headquartered in Mumbai, India. The company has a presence in 7 countries and 23 locations in India.[4] 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[5] and ICRA.[6]
As of September 2020, IIFL Wealth Management has around ₹2.02 lakh crore (US$27 billion) in assets under management, which includes custody assets.[7][8][9]
History
IIFL Wealth was founded in 2008. It operated as a subsidiary of IIFL Holdings, a diversified publicly traded financial services company,[10][11] backed by Fairfax Financial,[12] until the demerger of the IIFL Group into three separately listed entities, one of which is IIFL Wealth.[13]
The equity shares of IIFL Wealth Management are listed on the Bombay Stock Exchange and National Stock Exchange of India.[14]
In December 2018, IIFL Wealth Management launched the IIFL Wealth Index 2018 series, in partnership with Wealth-X.[15][16]
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.[17][18]
In October 2018, the company acquired a Chennai-based wealth management firm, Wealth Advisors India for Template:INRConvert.[4] IIFL Wealth Management acquired Ashburton India Equity Opportunities for an undisclosed amount in December 2017.[19]
IIFL Wealth Management acquired non banking finance company Chephis Capital Markets in February 2016.[20]
The company had bought a majority stake in India Alternatives Investment Advisors Pvt Ltd,[21] a PE advisory firm, in April 2014.[22]
Funding
In June 2018, the company raised Template:INRConvert from Ward Ferry, General Atlantic and others.[23]
The New York based PE firm, General Atlantic acquired 21.61 per cent stake in IIFL Wealth Management for Template:INRConvert in October 2015.[24][25]
Ranking
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
- ↑ India to have 500,000 HNIs in the next five years: report(December 12, 2018).
- ↑ How IIFL Wealth Management capitalized on AI for delivering portfolio statements to HNI customers(November 23, 2018).
- ↑ India's mega rich are swelling. How the wealth management industry is refashioning itself to adapt(July 1, 2018).
- ↑ 4.0 4.1 IIFL Wealth Management acquires Wealth Advisors(October 16, 2018).
- ↑ 5.0 5.1 Rating Rationale. CRISIL. Retrieved November 13, 2020.
- ↑ 6.0 6.1 IIFL Wealth Finance Limited - ICRA. icra.in. ICRA Limited. Retrieved February 2, 2019.
- ↑ IIFL arm looks to migrate to advisory-led model(September 28, 2018).
- ↑ BSE India. Retrieved November 13, 2020.
- ↑ Wealth managers flourish as HNIs rush for investment advice: 5 Indian firms among only 7 in $10 billion club(July 6, 2018).
- ↑ IIFL Wealth. BSEIndia.com. Retrieved February 2, 2019.
- ↑ IIFL Wealth Raises Funds To Grow Asset Management, NBFC Businesses(June 20, 2018).
- ↑ IIFL Holdings to demerge capital, wealth, finance business in one year. The Times of India(February 4, 2018).
- ↑ NCLT approves demerger of IIFL Group into 3 entities(March 15, 2019).
- ↑ BSE India. Retrieved November 13, 2020.
- ↑ MFs most preferred asset class for Indian HNIs: Wealth X director(January 2, 2019).
- ↑ IIFL Wealth Index 2018(December 10, 2018).
- ↑ IIFL Set To Acquire L&T Finance's Wealth Management Arm For Rs 250 Crore(August 23, 2019).
- ↑ IIFL completes acquisition of L&T Finance's wealth management business(April 24, 2020).
- ↑ IIFL Asset Management to acquire Ashburton India Equity Opportunities Fund(December 6, 2017).
- ↑ IIFL Wealth Management acquires NBFC Chephis CapitalIIFL Wealth Management acquires NBFC Chephis Capital(February 13, 2016).
- ↑ IIFL Wealth Management acquires India Alternatives. The Times of India(April 7, 2014).
- ↑ IIFL Wealth Management acquires India Alternatives Private Equity Fund. The Times of India(April 7, 2014).
- ↑ IIFL Wealth raising $110 mn from Ward Ferry, General Atlantic and others(June 19, 2018).
- ↑ General Atlantic to buy 21.6% stake in IIFL Wealth for Rs 1,122 cr(October 24, 2015).
- ↑ GA to buy 21% in IIFL Wealth for Rs1,122 crore(October 24, 2015).