IIFL Wealth debuts on NSE

IIFL Wealth and Asset Management has gone public, listing on the National Stock Exchange of India (NSE) today with an opening price tag of Rs 1,210.

The wealth manager is the first in India to go public, and its shares — listed with the ticker IIFLWAM — quickly hit the 5% upper circuit price of Rs 1,270.50.

According to its half-year financial results, IIFL’s wealth management business — comprising discretionary, nondiscretionary, broking and distribution, and corporate advisory and custody services — had Rs 124,506 cr in AUM and 290 relationship managers across 64 teams. Meanwhile, the asset management arm, which offers alternative investment funds (AIF), discretionary portfolio management (DPM), mutual funds, and global asset management, posted Rs 22,339 cr in AUM.

Over the past year, IIFL WM has focused its efforts on inorganic expansion. In September 2018, the wealth manager purchased data analytics fintech firm Altiore Advisors shortly before acquiring Chennai-based Wealth Advisors in October, bringing in Rs 11,000 crore in assets under advice.

And just last month, IIFL WM announced its decision to acquire L&T Capital Markets (LTCM), the wholly-owned wealth management arm of L&T Finance Holdings, effectively increasing IIFL WM’s AUM by Rs 24,000 cr and RM headcount by 120. At the time, a spokesperson told Asian Private Banker that the firm will continue exploring organic and inorganic avenues in a bid to grow its business and U/HNW market base in India. “We are always open to having a dialogue with teams who have a similar ethos and value system as ours, and will always welcome the opportunity to interact with such like-minded people,” the spokesperson said.

According to Asian Private Banker’s India 2018 AUM League Table, IIFL Wealth & Asset Management ranks as the third-largest onshore wealth manager in India, managing US$21.28 billion in assets as of end-2018.