Through its subsidiaries, the company has entered into definitive agreements to acquire the distribution business of the Fintoo Group, which includes the distribution of Wealth Products, Insurance Products, Alternative Investment Funds (AIFs), and Portfolio Management Services (PMS) currently operated under Mihika Financial Services Private Limited and Mihika Insurance Marketing Firm LLP.

This acquisition will contribute an incremental AUM of approximately ₹300 crores to Choice’s wealth management business. Additionally, the company has acquired Fintoo’s insurance distribution business, encompassing its client portfolio, team, IT systems, and supporting infrastructure.

Further strengthening its distribution footprint, Choice has also acquired the distribution business of Glory Prime Wealth Private Limited, a Pune-based wealth products distributor managing an AUM of ₹210 crores. This acquisition enhances Choice’s presence in Western India and broadens its client base among affluent and emerging affluent investors.

The company has also formed a strategic business association with four mutual fund distributors based in Himachal Pradesh, under which they have merged their wealth management business with Choice, contributing an additional AUM of ₹125 crores.

Expanding Horizons in Wealth Management

These strategic initiatives collectively underscore Choice’s accelerated expansion in the wealth and investment management space. The company is focused on building a tech-driven, multi-channel wealth platform, integrating Fintoo and Glory Prime’s strong distribution network to deliver comprehensive, personalized, and scalable investment solutions.

Arun Poddar, Group CEO, Choice International Limited, commented: “This investment aligns perfectly with our strategy of expanding Choice’s presence across the wealth and investment management value chain. Fintoo’s digital-first approach and strong client base, coupled with the robust distribution franchise of Glory Prime, will accelerate our plans to build a scalable, integrated platform that delivers superior value and convenience to investors. We continue to explore more such synergistic opportunities to strengthen our leadership in the wealth management space.”

In recent months, Choice International has accelerated its expansion in the wealth management space through a series of strategic acquisitions. The acquisition of Arete Capital Services added ₹5,151 crore in AUM, and together with the latest integrations, Choice’s total wealth management assets have risen from around ₹1,000 crore to over ₹6,800 crore — a growth of nearly seven times. This strong upward trajectory underscores the company’s focused strategy to build a tech-enabled, client-centric financial ecosystem that caters to the evolving needs of HNI and institutional investors across India.

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Since entering the Indian market in 2019, Avaloq has built a robust presence in Pune, growing to over 170 employees across project delivery, product development, banking operations, cloud technology, and corporate services. As a key orchestrator in the financial ecosystem, Avaloq welcomed leading banks, wealth management firms, and fintech companies to explore the trends driving innovation in the industry. Attendees included representatives from NatWest, HSBC, Barclays, Deutsche Bank, DBS, Accenture, Infosys, HCLTech, Synpulse, TecFinics, and Tech Mahindra.

The event provided a platform for insightful discussions on critical advancements shaping the wealth management sector, with a focus on cloud transformation, strategic partnerships, and enhancing operational efficiency. Key topics covered included:

• India’s growing wealth and investment needs

India’s financial wealth is projected to grow significantly. This is mostly driven by economic expansion, rising affluence, and increasing demand for professional financial advice. Avaloq showcased its wealth management and private banking solutions, emphasizing how digitalization can support the growing demand of India’s affluent population. The discussions highlighted India’s readiness for more sophisticated investment solutions and the role of technology in meeting these needs.

• Cloud transformation

Cloud technology is revolutionizing the wealth management industry. The adoption of cloud solutions is enabling financial institutions to enhance operational efficiency and scalability, crucial for meeting the evolving expectations of investors.

• Artificial intelligence

The collaboration with NEC Corporation drives controlled innovation in AI, focusing on responsible and transparent use. AI is transforming the wealth management industry by enhancing operational efficiency and providing personalized client experiences. AI-driven tools can analyze vast amounts of data to offer tailored financial advice and automate routine tasks, allowing experts to focus on more complex issues.

• Enhancing operational efficiency

Various strategies to improve operational efficiency were explored, including the consolidation of technology systems Various strategies to improve operational efficiency include the consolidation of technology systems into a single platform with harmonized data. This approach helps financial institutions reduce costs and streamline processes. Operational efficiency is critical for maintaining competitiveness, especially as firms face increasing regulatory pressures and the need to deliver high-quality client service.

• Integration capabilities

As financial institutions expand their service offerings, especially in growth markets, they often rely on a complex ecosystem of point solutions to meet evolving client needs. However, managing multiple disparate systems can lead to inefficiencies and higher operational costs over time. Avaloq emphasized the importance of consolidating technology systems in a single platform with harmonized data for enhanced operational efficiency and long-term scalability.

Anirban Mukherjee, Managing Director for India at Avaloq, commented: “India’s financial landscape is undergoing a dramatic transformation, and within this dynamic environment, Avaloq, a specialist in wealth management and private banking solutions, is poised to carve a significant niche. While the nation’s focus often gravitates towards the mass-market digital banking revolution, a quieter yet equally potent shift is occurring: the rapid expansion of India’s affluent population. As India’s wealth accumulates, the demand for personalized, robust, and technologically advanced wealth management platforms will inevitably surge. Our goal at Avaloq is to help financial institutions address the specific wealth management needs of these new investors.”

Reflecting on the event, Pascal Wengi, Managing Director for Region International at Avaloq, stated: “India’s wealth management industry is evolving rapidly, driven by economic growth, rising affluence, and increasing demand for professional financial advice. Our first Avaloq India Community Connect event in Pune provided a valuable forum for industry leaders in Pune to discuss key trends and strategies to improve client service and scale operations efficiently. As the market develops, technology will be a key factor in enabling firms to offer seamless, personalized, and efficient wealth management services. With 40 years of experience in wealth management technology, we look forward to supporting financial institutions in establishing and expanding their specialized wealth management services to better meet the needs of affluent investors in India.”

Avaloq India Community Connect discussed the challenges posed by fragmented technology ecosystems and highlighted the importance of integrated platforms that support both front and back-office functions. As India’s wealth management industry becomes more sophisticated, a harmonized, scalable approach to technology will be essential to help the country’s banks and wealth managers address investors’ evolving expectations.

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BENGALURU: Eton Solutions, a global leader in cloud-based services for family offices of the future, is launching AtlasFive®, its renowned ERP platform for family offices in India. Eton Solutions also announced the family office of Infosys’ founder, Narayana Murthy, Catamaran, as its launch customer. This underscores its commitment to offering a comprehensive, innovative, and localized ERP platform for family offices across the country. Headquartered in North Carolina, USA, it has had a presence in India for the past 5 years with over 300 employees at their Global Technology Center in Bengaluru supporting AtlasFive® clients globally.

Catamaran will use Eton Solutions’ AtlasFive® platform to streamline its investment portfolio management and enhance operational planning, reporting, and compliance. Eton Solutions has developed a highly sophisticated ERP platform, AtlasFive®, a fully integrated, secure cloud-native AI-driven software tailored to meet the complex needs of family offices, currently managing over $781 billion for 665 families worldwide. Over 11.5 million transactions are processed annually with 92,000 entities on this platform. The platform integrates all operational facets of a family office into a cohesive solution, emphasizing efficiency and operating leverage.

Eton Solutions is also planning to set up a presence in GIFT City, Gujarat, shortly to support the growth of its services provided to clients globally. This new Technology Center is a key milestone for the company’s expansion strategy and will serve as a hub for Eton Solutions’ operations in the country, allowing it to leverage the unique advantages of GIFT City’s world-class infrastructure and regulatory environment.

“We chose AtlasFive® for its proven ability to streamline investment management across multiple asset classes and to support our growth objectives,” said Deepak Padaki, President of Catamaran. “The platform’s sophisticated workflow automation capabilities will help integrate back-office operations with portfolio management, allowing us to be more productive in our investment activities.”

Satyen Patel, Executive Chairman of Eton Solutions, said, “The emergence of India as a financial powerhouse with the 3^rd largest concentration of billionaires in the world after China and the USA, fits squarely with Eton Solutions’ international expansion plans. India is a critical market within our global growth strategy, and we are bullish about the opportunities in this geography, and about servicing the diaspora internationally from India. The fact that we are gearing up to open our next Technology Center in GIFT City very soon is a testimony to our commitment.”

Satyen added, “We are thrilled to have Catamaran as the first among what we are confident of, will be many marquee customers in India. Our partnership with Catamaran highlights the power and versatility of AtlasFive®. We are confident that our platform will empower Catamaran to achieve its ambitious growth targets while upholding the highest standards of corporate governance.”

The availability of advanced platforms such as AtlasFive® in India will be transformative for the Indian family office landscape, making India a more attractive investment destination for family offices globally. Eton Solutions’ vision to address the complex needs of ultra-high-net-worth families is bolstered by a belief that a holistic, integrated platform with support from a team of skilled experts with domain knowledge in the family-office space, can enable single-family offices, multi-family offices, and professional services firms to reimagine the value they can provide to their clients.

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NEW DELHI: ET Money, India’s leading investment platform, has become a top player in the country’s rapidly expanding online wealth management market by focusing on long-term wealth accumulation for affluent Indians.  This strategic choice has allowed them to avoid the allure of short-term stock trading. As of March 31, the platform helped its users manage INR 63,000 crore (approximately $8 billion) in investment assets and, on average, is adding INR 2,700 crore of new assets every month.

The company’s subscription-based advisory service, ET Money Genius, has also demonstrated significant growth, with its paid subscriber base expanding at a compound annual growth rate (CAGR) of 162% over the past two years. This growth has positioned ET Money as India’s largest Registered Investment Advisor (RIA) in terms of the number of paid customers. ET Money Genius is unlocking a new customer segment with annual income between INR 10 lakh to INR 1 Crore—a demographic previously unable to afford high-end wealth management services offered only to the ultra-rich Indians. By leveraging technology, ET Money Genius offers affordable access to sophisticated advice for just INR 249 per month, pioneering a subscription model in the wealth management sector that mirrors successful strategies in the OTT space in India.

“Our growth in assets and Genius indicates the rapidly compounding Trust of our users in ET Money”, states the CEO of ET Money, Mukesh Kalra. “By eliminating commission fees on mutual funds and introducing a transparent, flat-rate advisory fee with our Genius service, we continue to deeply align our business objectives with our customers’ financial success”

ET Money has been consistently gross-profitable each month for the last 11 months and has shown robust revenue growth at a CAGR of 90% over the last three years. Notably, about 70% of its revenue is recurring in nature. Additionally, nearly all its new investors in the past nine months discovered ET Money organically through word-of-mouth referrals, and the company boasts an annual user retention rate of over 90%. Another boost to ET Money’s financial profile would be the recently announced Execution Only Platform (EOP) license by SEBI, which would allow ET Money to monetize direct mutual funds and improve its gross margin to go beyond 80%. High user trust and retention combined with a recurring revenue business model and improving gross margins suggest ET Money is on a solid path to long-term profitability and growth.

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INDIA: As tax season approaches, Alts Wealth and ClearTax proudly announce a partnership, offering tailored wealth management and tax filing services for India’s salary-earning segment. This collaboration isn’t just about providing services; it’s about revolutionizing financial stewardship for discerning individuals, precisely when they need it most. Most Indians do not plan their taxes before the end of the financial year leading to significant increases in their tax cost. The tax planning needs to be executed before March 31 to avail of benefits.

The partnership between Alts Wealth, a commission-free, fee-only wealth advisor for nonHNI Indians, and ClearTax, a pioneer in tax solutions, comes at the perfect moment to ensure a seamless and rewarding tax season for Alts Wealth clients. Alts Wealth’s paying subscribers will now enjoy free income tax return filing through the Alts Wealth app, which leverages ClearTax’s technology. This exclusive offer aims to combine wealth management and tax obligations with ease, accuracy, and top-notch security.

Alts Wealth clients will experience unparalleled financial convenience. By integrating ClearTax’s user-friendly, secure tax filing platform with Alts Wealth’s comprehensive suite of services, including portfolio management, financial planning, tax planning, and insurance planning, their clients can now access a one-stop solution for all their financial needs.

“Partnering with ClearTax at the onset of tax season enhances its value greatly for our clients,” says Abhishek Rao, Founder of Alts Wealth. “This collaboration isn’t just about services; it’s a shift in how we approach financial management and tax planning, providing our clients with a seamless blend of services rarely seen before.”

“At ClearTax, we relentlessly rely on the power of simplification. ClearTax’s reputation for intuitive and robust tax filing solutions is a testament to the fact that we continuously strive to make tax filing simple for millions of taxpayers in India. With this collaboration, Alts Wealth clients are well-positioned to leverage this opportunity as a pivotal moment in their financial journey and further equip themselves with the tools and resources they need to achieve their financial goals efficiently.” said Avinash Polepally, Senior Director of Consumer Business Head) at ClearTax.

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HDFC ELSS Tax saver follows a research-driven investment process ably supported by an experienced in-house research team covering over 400 stocks. The Fund’s investment philosophy revolves around investing for the long term in quality companies at reasonable valuations. The fund invests in fundamentally strong companies with growth drivers in the medium to long term and those that are competitively placed in an industry with good prospects.

Diversification across sectors and themes, coupled with a sharp focus on company fundamentals and valuations, are the key pillars of the fund’s strategy to sustainably create wealth through a disciplined and scalable process. Investing ₹10,000 in HDFC ELSS Tax saver on March 31, 1996, would have grown to ₹28,99,345 as of February 29, 2024, at a CAGR of 22.50%.^ Investors can opt for lump-sum investments or SIPs, starting as low as ₹500 per month. This offers ample flexibility to investors.

Roshi Jain, Senior Fund Manager commented, “HDFC ELSS Tax saver underscores a combination of disciplined equity investing and HDFC AMC’s unwavering commitment to delivering long-term value to investors. With a track record of almost 28 years, the journey not only highlights the potential of tax-saving investments for wealth creation but also reaffirms our dedication to our fundamentals-based investment philosophy”

Navneet Munot, MD & CEO of HDFC AMC, said, “Sound Investment + Time + Patience has been the time-tested principle for wealth creation in equities. HDFC ELSS Tax saver, with a track record of almost 28 years bears testimony to this. The benefit of tax saving, in addition to the potential for wealth creation and a diversified portfolio, makes this fund a smart investment choice; and it is truly a key spoke in the wheel of our mission to be the wealth creator for every Indian.”

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MUMBAI: A group of seasoned wealth managers, collaborate with Angel One, one of India’s leading fintech players, as Co-Founders to lead its private wealth management foray. Srikanth Subramanian joins as Co-Founder & CEO of Angel One Wealth Limited; he comes with more than twenty years of experience in investment and wealth management business. He joins from Kotak Cherry, the digital wealth management arm run by Kotak Mahindra Bank. Other Co-Founders include Shobhit Mathur and Dharmendra Jain. Shobhit will lead the Wealth-Tech and Customer Excellence teams and Dharmendra will bring his strategic expertise in investment solutions and products. The new business leaders will collaborate with Angel One in tapping opportunities in the wealth management space, catering to the growing needs of emerging HNIs and Ultra HNIs.

Dinesh Thakkar, Chairman and Managing Director, Angel One Limited, said, “The wealth management business has witnessed significant growth over the last decade with rising affluents in our country. We believe this space is ripe for a digital disruption. With the addition of such accomplished leaders to our team, we aim to not only accelerate this growth but also enhance our presence in the full-stack financial services space. The expertise of Srikanth and his team aligns seamlessly with this vision of ours. As we navigate the dynamic financial landscape, their strategic contributions will be pivotal in propelling Angel One to new heights.”

Srikanth Subramanian, Co-Founder & CEO, Angel One Wealth Limited said, “I am thrilled to be a part of the Angel One Group and build a tech-led omnichannel wealth management business. The innovative digital approach and established market position perfectly complements our goal of providing comprehensive financial solutions that cater to the evolving landscape of India. We are primed to democratize access to wealth management.“

Angel One Wealth Limited has an experienced founding team comprising seasoned wealth managers and domain experts in technology, advisory and client engagement. Leveraging our expertise in technology, our platform aims to enhance decision-making on investments. With each of the co-founders having a domain expertise of about two decades and a strong foundation in technology, having built a platform catering to millions of users, the company aims to grow in the WealthTech space.

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MUMBAI: IBM (NYSE: IBM) & Mahindra & Mahindra Financial Services Limited (Mahindra Finance) today announced a strategic collaboration to build a super app that would serve as a single digital interface for consumers to access multiple businesses within Mahindra Finance.

This app will enable consumers from both metros and non-metros to have 24×7 digital access to avail and manage products & solutions in a secure, streamlined, and simple manner. This would be by housing Mahindra Finance’s various vehicle and non-vehicle lending businesses, including personal loans, enterprise loans, mortgage loans, leasing solutions, payments, fixed deposits, insurance solutions, and other investment & wealth management solutions under one roof. The app will further provide superior and immersive experiences to the customers of Mahindra Finance and strengthen the company’s position as the financial solutions partner of choice for emerging India.

Speaking on the development, Raul Rebello, MD & CEO-Designate, Mahindra Finance said, “We at Mahindra Finance are keen to accelerate delivery of our digital financial solutions to better serve our customers. The super app is a strategic lever that will expedite the growth of key businesses in an operationally efficient manner that combines omnichannel capabilities. It will also empower us to create hyper-personalised solutions for emerging India”. 

“Super apps have the potential to bring a paradigm shift in the financial services industry, enabling significantly superior customer engagement and unleashing new business models,” said Rishi Aurora, Managing Partner, IBM Consulting India & South Asia. “Having worked with multiple financial organizations that are in different stages of their growth journeys in India and across the world, we are happy to collaborate with Mahindra Finance in their endeavor to build a seamless digital journey. Leveraging future-ready hybrid cloud capabilities, the super app will help Mahindra Finance move up the value chain through unique differentiated customer experiences.”

IBM Consulting will leverage human-centered design methodology to enhance the super app experience, covering every stage of the customer journey. This approach will involve integrating a deep understanding of Mahindra Finance’s customer needs with superior application UI design to offer an experience that creates customer value as well as unlocks business value for the company. At the foundation level, IBM Consulting will bring cloud transformation and cloud management expertise to help design a secure, scalable, and resilient digital platform architecture to be deployed on a hybrid multi-cloud environment that will enable easy integration of new technologies in the future, including generative AI.

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PUNE: “Social Wealth Creators not only empower the individuals and society but also foster social harmony, brotherhood, and fraternity in a true sense,” opined Dr. Ajit Ranade, renowned Economist and Vice Chancellor of the Gokhale Institute of Politics and Economics, Pune. He was speaking at an Award Ceremony namely ‘Dr. The Vijay Bang Social Wealth Creator Award’ was instituted by the Bang family in the memory of late Dr. Vijay Bang.

The second edition of ‘Dr. Vijay Bang Social Creator Award’ was presented to Prabhat Sinha, founder of ‘Mann Deshi Champions’, an organization in Mhaswad village of the Satara district that empowers the girls in the rural areas through sports at the hands of Padma Vibhushan Dr. K. H. Sancheti. The Award Ceremony was held at the Auditorium of the Center for Police Research, Pashan. Sinha was awarded with a cash prize of Rs 51,000 and a Certificate of Honor.

Dignitaries like Ashok Bang and Dr. Vasant Bang; brother and son of late Dr. Vijay Bang, Chetna Gala Sinha; social entrepreneur, Shekhar Singh, Commissioner of Pimpri Chinchwad Municipal Corporation, Prof. Parag Kalkar; Pro-Vice Chancellor of Savitribai Phule University, Adv. Mahesh Bang, Kamal Bagdi, and others were also present on the occasion.

“Dr. Vijay Bang has done commendable work for impoverished patients in Amravati, and I still remember his dedication towards them. With Dr. Bang’s initiative starting from 1970, me and my team held free health camps for 25 years on a regular basis there,” reminisced Dr. K. H. Sancheti while speaking on the occasion. He also opined about how our society should be appreciative towards the people who contribute towards social work while also looking after their day-to-day responsibilities, including an underlying need for today’s youth to actively take part in social work. “People will either motivate you or even try to pull you down, but one should always have the realization of doing something for society as a compassionate human,” added Dr. K. H. Sancheti.

“According to Swami Vivekanand, one can forge a closer connection with God through Sports. Someone like Prabhat Sinha is empowering and creating excellent opportunities for girls in rural areas through the medium of sports. This kind of work represented by the young generation is more significant than anything that has been done in the past. The endeavor to harness social wealth in the form of social capital should be utilized to maintain social harmony,” emphasized Dr. Ajit Ranade.  

“Efforts are being made towards transforming the skills of girls in rural areas into opportunities by guiding them at the right time and in the right direction. So far, ‘Mann Deshi Champions’ has created 7,000 players. Currently, 100 players affiliated with our organization represent at the state, while 2 to 3 players represent on the international levels,” shared Prabhat Sinha. He also highlighted his mother and grandmother’s passion for women’s empowerment, which he had closely observed since his childhood. “I had studied in a Zilla Parishad school. I was introduced to the concept of ‘organized sports’ for the first time only while I was studying abroad. In my career in the sports management sector, I aspired to provide top-notch facilities and training to rural girls. We are extremely happy that we can provide these resources in a village like Mhaswad of the Mann Taluka in Satara,” added Prabhat Sinha.

“We focus on instilling courage in the girls to stand up for themselves and their rights. Daily, I witness the transformative power of sports training in shaping the personalities of these girls, who continue to inspire me every day,” expressed Prabhat Sinha. He also highlighted the importance of sports in widening horizons, breaking down societal barriers, and redefining women’s empowerment. Additionally, he informed that the organization is set to launch the Sports Incubation and Performance Program in the near future.

During the program introduction, Dr. Vasant Bang shared the idea behind introducing the award and asserted that wealth is not merely monetary, rather it serves as a means that fulfills all facets of the societal needs. A film showcasing the life and work of late Dr. Vijay Bang was also featured. Monika Chauhan moderated the program and Ashok Bang delivered the vote of thanks.

Feature Photo: The second edition of ‘Dr. Vijay Bang Social Creator Award’ was honored to Prabhat Sinha, founder of ‘Mann Deshi Champions’ at the hands of Padma Vibhushan Dr. K. H. Sancheti. Instituted by the Bang family in memory of the late Dr. Vijay Bang, this award ceremony was held at the Auditorium of the Center for Police Research, Pashan. In photo (from Left) Dr. Vasant Bang, Dr. Ajit Ranade, Dr. K. H. Sancheti, Prabhat Sinha, and Ashok Bang.

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