Orowealth, a direct mutual fund platform has acquired the distribution business of WealthTrust. The company has not revealed the deal size.
In a press release, Nisarg Gandhi, Co-founder and CEO of WealthTrust, stated that the WealthTrust team evaluated several partners before partnering with Orowealth, which stood out as the best option for their users. “We are confident that our clients will be in good hands as Orowealth has a proven track record of rewarding investors through a diverse line-up of award winning products,” he further added.
The combined entity now has a user base of 3 lakh registered users and their assets under advisory (AUA) will be Rs.2000 crore.
Vijay Kuppa, Co-Founder of Orowealth said, "We are very pleased to have the opportunity to service WealthTrust customers, and will offer them the same industry-leading advisory and wealth management services that we provide to our own users.”
A select team of WealthTrust employees is expected to join Orowealth as part of the acquisition. Their main aim will be to transition their users seamlessly to the Orowealth platform. Meanwhile, WealthTrust has assured its customers that this merger will in no way hinder their investment journey.
WealthTrust app had gained some traction as it enabled existing mutual fund investors to switch to direct plans in a few seconds without any paperwork.