IIFL Wealth Management Ltd, a unit of financial services company IIFL Holdings, will acquire Wealth Advisors India Pvt Ltd, a Chennai-based wealth management firm, forRs 253.6 crore in cash.
With this acquisition, IIFL Wealth willincrease its client base,and will expand its portfolio management and investment advisory business in southern India.
Karan Bhagat, Founder and Chief Executive, IIFL Wealth Management, said, "This deal brings us some top-quality talent by way of sales and non-sales teams and our combined effort will further strengthen our reach and offerings for the high net worth clients and ultra-high net worth clients."
Post acquisition, Wealth Advisors will become a fully-owned subsidiary of IIFL Wealth Management.
Pramod Kumar, Chief Executive Officer and Director, Wealth Advisors, said, "The acquisition will give IIFL Wealth access to new client segments, a steady annuity-based revenue, and a talented management and sales team."
Wealth Advisors was founded by V Mahadevan and Pramod Kumar in 2004. It provides services such as portfolio management, investment advisory and sub-broking.