IIFL Wealth Management has wrapped up the purchase of a 100% stake in L&T Capital Markets (LTCM) after securing the regulatory nod.
Part of L&T Finance, LTCM offers wealth management services for individual as well as institutional clients.
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As of 21 April, LTCM reported assets under advice of INR208.07bn ($2.7bn).
The deal was announced last year. IIFL Wealth said that it was completed for a cash payment of INR2.3bn ($30.1m) and available cash balance of LTCM.
IIFL Wealth MD and CEO Karan Bhagat believes that the deal will strengthen the firm’s wealth management position in these unprecedented times.
He noted: “As peers in the business, we’ve had high regards for the enterprising team at LTCM. Moreover, we share a common culture, which will ensure alignment of interest of our team, clients and stakeholders. I warmly welcome the team, and clients who have come on board.
“The LTCM acquisition will further strengthen our offerings and geographical reach besides increasing our assets under management.”
Mumbai-based IIFL Wealth serves over 5,600 HNWIs and ultra HNWIs in India and abroad. The firm manages over $24bn in assets.
The firm and its subsidiaries have operations in India’s six major global financial hubs and 23 locations. The firm’s staff headcount is over 900.
