The deal helps Credent Asset Management to enhance its footprint in India’s alternative investment sector. Credit: Vardan Papikyan on Unsplash.

India-based Credent Asset Management Services has concluded the purchase of a 49% stake in Essel Finance Advisors and Managers (EFAM) for an undisclosed sum.

Launched by Essel Group in 2012, EFAM is involved in the management of alternative investment funds.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The firm currently handles two category ll alternative investment funds (CAT II AIF) with more than INR2bn ($24m) in assets.

The deal is part of 100% acquisition of EFAM after Securities and Exchange Board of India (SEBI) approves the firm’s ownership change.

It is expected to enhance Credent Asset Management’s footprint in India’s alternative investment sector.

Credent Group managing director Aditya Vikram Kanoria said: “Our focus is to fast track our expansion plans and this acquisition is a part of the larger business vision and strategy.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We are in the process of launching three new Alternative Investment Funds (AIF) to raise over INR5bn.

“EFAM has built a robust investment management platform with a strong ecosystem and client base of UHNIs, Corporates and Family offices and we intend to leverage this platform to grown close our asset management business.”

Credent expects to roll out three new alternative investment funds soon for its clients.

Kanoria added: “With India’s GDP growing at a rapid pace, we believe this is the ideal time for us to launch these funds to give another opportunity to our local & global investors to invest in India’s growth story.

“This would also enable us to grow our AUM to over INR10bn within the next 12 months.”

In August this year, Credent Wealth Management announced that it would incorporate Personal Wealth Partners’ business into its portfolio.