Wealth management firm Nuvama has drawn up plans to triple its client assets to ₹6 lakh crore ($80 billion) by 2028 from about ₹2.25 lakh crore ($27 billion) as of Q3 (October-December) FY23 even as it expects to demerge from Edelweiss Financial Services Ltd in Q1 (April-June) FY24.
Ashish Kehair, MD & CEO, Nuvama, said, “The digitalisation of the economy, rising income levels, increasing affluence and entrepreneurial trend in tier II and tier III cities have contributed to a rapid emergence of a new class of wealthy Indians, a segment we believe is poised to grow exponentially in the next decade.’
Nuvama, in a statement, said it plans to expand its reach to more than 300 cities (from about 100 cities now) and grow the number of wealth managers to over 2,000 in the next five years (from about 1,000).
The firm, which has three businesses -- Wealth Management, Asset Management, and Capital Markets, plans to extend its offerings to clients in key offshore markets including the US, the Middle East, Europe, and the rest of Asia, as per the statement.