IIFL Wealth has entered into an agreement to acquire L&T Capital Markets (LTCM), the wealth management arm of L&T Finance Holdings (LTFH), said a company press release.
LTCM offers a portfolio of comprehensive products and services across asset classes. With LTCM’s acquisition, IIFL Wealth’s ability to serve HNIs and ultra HNIs is likely to strengthen.
The deal is subject to regulatory approvals. The release did not provide the financial details of the deal.
Karan Bhagat, Founder, MD & CEO, IIFL Wealth Management said, “We are pleased to have this experienced wealth team join us under the leadership of Manoj Shenoy. Born of a genesis steeped in entrepreneurial culture similar to IIFL Wealth and Asset Management, this team brings product innovation, geographical spread, and client assets of more than Rs. 24,000 crore.”
Bhagat further said, “While most of our growth over the years has been organic, we have also successfully aligned with the right partners in the business in the past. Going forward, our combined effort will further strengthen our reach and offerings for the HNIs and ultra HNI clients across India.”
Dinanath Dubhashi, MD & CEO, LTFH said, “This move will help the wealth management business scale up further by accessing the broader repertoire of products and services offered by the IIFL Wealth platform, which will benefit the clients and the team.”
JM Financial acted as the exclusive financial advisor to LTFH.