PAG, an Asia-focused investment group has acquired majority stake in Edelweiss Wealth Management. The company has invested USD 300 million or Rs.2200 crore for a 51% in Edelweiss Wealth Management.
This partnership is expected to unlock value for shareholders and accelerate business growth, business expertise and global experience, said the company press release.
The wealth management business, including capital markets, provides wealth management services to over 2,400 of India’s wealthiest families as well as 6.10 lakh HNIs and other affluent clients. The company manages assets under advice of Rs.1.27 trillion as on June 2020.
Rashesh Shah, Chairman & CEO, Edelweiss Group said, “In PAG, we have found a great partner with global experience and strong capabilities. This investment endorses our core strategy of incubating businesses, building value and growing them into market leaders as they gradually move from inter-dependence to independence.”
Weijian Shan, Chairman and CEO, PAG said, “PAG is committed to India's market as we strongly believe in the long-term growth of the Indian economy. The investment in Edelweiss Wealth marks a milestone in PAG’s investments in the India market.”
