IIFL Wealth explained

IIFL Wealth Management
Type:	Public company
Predecessors:	-->
Successors:	-->
Hq Location City:	Mumbai
Hq Location Country:	India
Area Served:	Worldwide
Revenue Year:	FY2022
Profit:	-->
Profit Year:	-->
Aum:	(FY2022)
Owners:	-->
Num Employees:	900
Num Employees Year:	September 2020
Subsid:	See § Subsidiaries
Rating:	A1+ (CRISIL) A1+ (ICRA)

IIFL Wealth Management Ltd. is an Indian wealth management firm,^{[1] [2] [3]} headquartered in Mumbai, India. The company has a presence in 7 countries and 23 locations in India. 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 and ICRA.

, IIFL Wealth Management has around in assets under management, which excludes custody assets.^[4]

History

IIFL Wealth was founded in 2008. It operated as a subsidiary of IIFL Holdings, a diversified publicly traded financial services company,^{[5] [6]} backed by Fairfax Financial,^[7] until the demerger of the IIFL Group into three separately listed entities, one of which is IIFL Wealth.^[8]

The equity shares of IIFL Wealth Management are listed on the Bombay Stock Exchange and National Stock Exchange of India.^[9]

In December 2018, IIFL Wealth Management launched the IIFL Wealth Index 2018 series, in partnership with Wealth-X.^{[10] [11]}

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.^{[12] [13]}

In October 2018, the company acquired a Chennai-based wealth management firm, Wealth Advisors India for .^[14] IIFL Wealth Management acquired Ashburton India Equity Opportunities for an undisclosed amount in December 2017.^[15]

IIFL Wealth Management acquired non banking finance company Chephis Capital Markets in February 2016.^[16]

The company had bought a majority stake in India Alternatives Investment Advisors Pvt Ltd,^[17] a PE advisory firm, in April 2014.^[18]

Funding

In June 2018, the company raised from Ward Ferry, General Atlantic and others.^[19]

The New York based PE firm, General Atlantic acquired 21.61 per cent stake in IIFL Wealth Management for in October 2015.^{[20] [21]}

Ranking

• A1+ Rated by CRISIL in 2020.^[22]
• A1+ Rated by ICRA in 2018.^[23]

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

External links

• Company Overview of IIFL Wealth Management
• We want to buy growth, not recovery: Karan Bhagat, IIFL Wealth & Asset Management at The Economic Times
• A Wealth of Experience at Business Today (India)

Notes and References

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