Bengaluru, Karnataka, India :Friday, December 13, 2024 9:00AM IST (3:30AM GMT)
IIFL Capital Services Limited (formerly IIFL Securities Limited) today announced the unveiling of its state-of-the-art office in Bengaluru, dedicated to wealth management services for High Networth Individuals (HNIs) and Ultra High Networth Individuals (UHNIs). IIFL Capital Services is one of the largest wealth managers in India, with about $30 billion (Rs 2.5 lac crore) worth of assets under management, advice and custody.
The new office is located in Lavelle Road, at the Centre of Bengaluru’s business district, a strategic move to tap into the vibrant economic landscape and growing affluence of India’s Silicon Valley. Bengaluru Metro’s gross domestic product (GDP) is over $360 billion (2023 data) and per capita income is roughly $25,461 in terms of purchasing power parity making it one of the most affluent urban centres in India. According to the Bangalore Innovation Report, with projected GDP growth of 8.5%, Bengaluru will be the world’s fastest growing city until 2035.
Mr. Irfan Razack, Chairman of Prestige Group, inaugurated the Bengaluru office in presence of Mr. R Venkataraman, Chairman, IIFL Capital Services Limited, Mr. Prakash Bulusu and Mr. Raghav Gupta, Joint Chief Executive Officers (CEOs) of IIFL Capital Services Limited and Mr. Venkata Narayana K, Former CEO of Prestige Estates Projects.
Commenting at the inauguration event, Mr. Razack appreciated IIFL Capital’s focus on client relationship and innovation and said, “I wish all the best to IIFL Capital, Venkat, Prakash, Raghav and team on their strong presence in Bengaluru. With my years of experience as a valued client of Prakash and trust in brand IIFL, I believe you will set new benchmarks in the wealth management industry.”
Mr. Prakash Bulusu, Joint CEO at IIFL Capital Services Limited said, “This marks a significant milestone for IIFL Capital as we continue to solidify our strong presence as the leading wealth management firm in the country. Our office in Bengaluru, is a first of many planned office additions as we embrace a new identity as IIFL Capital Services Ltd. This rebranding from IIFL Securities is much more than a name change. It is the beginning of IIFL 2.0 and reflects our transformation from a broking house into a comprehensive wealth management company, aligning our services and vision with the evolving needs of our clients.”
IIFL Capital Services Limited is in the process of bolstering its wealth management business led by top private bankers, Prakash Bulusu and Raghav Gupta who joined as Joint CEOs in May 2024. The firm aims to add several senior private bankers across the country to service India’s growing HNIs and UHNIs banking needs. The firm also recently changed the name to IIFL Capital Services Limited from IIFL Securities Limited.
Raghav Gupta and Prakash Bulusu were previously Senior Managing Partners at ASK Asset and Wealth Management (majority owned by Blackstone, world’s largest Private Equity Fund), managing North, South, East businesses in India and offshore markets.
Wealth and asset management industry in India has been evolving rapidly. As more and more promoters, entrepreneurs and CXOs generate wealth, there is a dearth of quality talent required to advise clients and help them manage their investments. Not surprising, therefore, that the growth prospects of the industry has seen a lot of interest from top global Private Equity players like Blackstone, KKR, Bain, General Atlantic, PAG, etc.