Kolkata, Oct 6 (PTI) Edelweiss Wealth Management (EWM) is aiming at 20-25 per cent growth in asset under management (AUM) in the current fiscal, a top company official said on Wednesday.
Leading investment firm PAG had, earlier this year, acquired a 61 per cent stake in the company, which has been a part of the Edelweiss Financial Services group. EWM will be demerged and finally listed on bourses by December 22.
“Our current asset under management is Rs 1.5 lakh crore, and we are growing stronger this year and targeting at 20-25 per cent growth in AUM,” Edelweiss president and head personal wealth Rahul Jain told PTI.
He said the wealth management business will grow with an infusion of Rs 400 crore by the new investor.
Currently, the company has 70 offices and 5,000 partners spread across the country.
Speaking about the market, Jain said gold seems to be a better asset going forward, and a 10-15 per cent appreciation in the next 12 months is expected.
In March when the partnership deal was announced, Nikhil Srivastava, partner and managing director, head of India private equity, PAG said, “We look forward to leverage PAG”s global experience to drive innovation and transformation to further strengthen EWM”s market position and create long-term value for all stakeholders.”
With a growth trajectory of 12.5 per cent per year, the wealth management industry is expected to reach Rs 540 lakh crore in the next five years, the company had said. PTI BSM