IIFL Wealth Management
TypePublic company
Founded2008 (2008)
Founders
  • Karan Bhagat
  • Yatin Shah
Headquarters
Mumbai
,
India
Area served
Worldwide
Revenue₹1,535 crore (US$190 million) (FY2022)
AUM₹2.62 lakh crore (US$33 billion) (FY2022)
Number of employees
900 (September 2020)
SubsidiariesSee § Subsidiaries
RatingA1+ (CRISIL)[1]
A1+ (ICRA)[2]
Websiteiiflwealth.com

IIFL Wealth Management Ltd. is an Indian wealth management firm,[3][4][5] headquartered in Mumbai, India. The company has a presence in 7 countries and 23 locations in India.[6] It offers wealth management, asset management, portfolio management services, investment products, treasury services, estate planning and lending among others. The company has been rated as A1+ by rating agencies such as CRISIL[1] and ICRA.[2]

As of March 2022, IIFL Wealth Management has around ₹2.62 lakh crore (US$33 billion) in assets under management, which excludes custody assets.[7]

History

IIFL Wealth was founded in 2008. It operated as a subsidiary of IIFL Holdings, a diversified publicly traded financial services company,[8][9] backed by Fairfax Financial,[10] until the demerger of the IIFL Group into three separately listed entities, one of which is IIFL Wealth.[11]

The equity shares of IIFL Wealth Management are listed on the Bombay Stock Exchange and National Stock Exchange of India.[12]

In December 2018, IIFL Wealth Management launched the IIFL Wealth Index 2018 series, in partnership with Wealth-X.[13][14]

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 ₹230 crore plus available cash balance of LTCM.[15][16]

In October 2018, the company acquired a Chennai-based wealth management firm, Wealth Advisors India for ₹235 crore (US$29 million).[6] IIFL Wealth Management acquired Ashburton India Equity Opportunities for an undisclosed amount in December 2017.[17]

IIFL Wealth Management acquired non banking finance company Chephis Capital Markets in February 2016.[18]

The company had bought a majority stake in India Alternatives Investment Advisors Pvt Ltd,[19] a PE advisory firm, in April 2014.[20]

Funding

In June 2018, the company raised ₹745.71 crore (US$93 million) from Ward Ferry, General Atlantic and others.[21]

The New York based PE firm, General Atlantic acquired 21.61 per cent stake in IIFL Wealth Management for ₹1,122.34 crore (US$141 million) in October 2015.[22][23]

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

  1. 1 2 3 "Rating Rationale". CRISIL. Retrieved 13 November 2020.
  2. 1 2 3 "IIFL Wealth Finance Limited - ICRA" (PDF). icra.in. ICRA Limited. Retrieved 2 February 2019.
  3. ↑ Surendar, T. (12 December 2018). "India to have 500,000 HNIs in the next five years: report". Fortune.
  4. ↑ Jha, Sneha (23 November 2018). "How IIFL Wealth Management capitalized on AI for delivering portfolio statements to HNI customers". The Economic Times.
  5. ↑ Layak, Suman (1 July 2018). "India's mega rich are swelling. How the wealth management industry is refashioning itself to adapt". The Economic Times.
  6. 1 2 Mahesh, Prashant (16 October 2018). "IIFL Wealth Management acquires Wealth Advisors". The Economic Times.
  7. ↑ "BSE India" (PDF). Bombay Stock Exchange. Retrieved 13 May 2022.
  8. ↑ "IIFL Wealth" (PDF). BSEIndia.com. Retrieved 2 February 2019.
  9. ↑ Sarkar, Arundhati (20 June 2018). "IIFL Wealth Raises Funds To Grow Asset Management, NBFC Businesses". BloombergQuint.
  10. ↑ "IIFL Holdings to demerge capital, wealth, finance business in one year". The Times of India. 4 February 2018.
  11. ↑ "NCLT approves demerger of IIFL Group into 3 entities". The Economic Times. 15 March 2019.
  12. ↑ "BSE India". Retrieved 13 November 2020.
  13. ↑ Buch, Himadri (2 January 2019). "MFs most preferred asset class for Indian HNIs: Wealth X director". Moneycontrol.com.
  14. ↑ "IIFL Wealth Index 2018". The Financial Express (India). 10 December 2018.
  15. ↑ "IIFL Set To Acquire L&T Finance's Wealth Management Arm For Rs 250 Crore". Bloomberg Quint. 23 August 2019.
  16. ↑ "IIFL completes acquisition of L&T Finance's wealth management business". Moneycontrol. 24 April 2020.
  17. ↑ Sunkara, Keshav (6 December 2017). "IIFL Asset Management to acquire Ashburton India Equity Opportunities Fund". VCCircle.
  18. ↑ "IIFL Wealth Management acquires NBFC Chephis CapitalIIFL Wealth Management acquires NBFC Chephis Capital". Business Standard. New Delhi. 13 February 2016.
  19. ↑ Allirajan, M. (7 April 2014). "IIFL Wealth Management acquires India Alternatives". The Times of India.
  20. ↑ "IIFL Wealth Management acquires India Alternatives Private Equity Fund". The Times of India. 7 April 2014.
  21. ↑ Raghavanaghavan, Ranjani (19 June 2018). "IIFL Wealth raising $110 mn from Ward Ferry, General Atlantic and others". VCCircle.
  22. ↑ "General Atlantic to buy 21.6% stake in IIFL Wealth for Rs 1,122 cr". Business Standard. Mumbai. 24 October 2015.
  23. ↑ Sanjai, P.R. (24 October 2015). "GA to buy 21% in IIFL Wealth for Rs1,122 crore". Livemint.
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