Cosmea Financial Holdings (CFH), a new-age financial conglomerate promoted by Sam Ghosh, has entered into joint venture with OroWealth, a wealth and investment management fintech start-up, as part of its plan to set up and launch digital first mutual fund.
The agreement was signed between ex-Reliance Capital CEO Sam Ghosh and the founding members of OroWealth to launch a new JV company — Torus Oro AMC — that will spearhead CFH’s foray into the AMC business.
As per the agreement, CFH will hold 74 per cent stake in Torus Oro AMC, while the rest will be held by OroWealth and its founders.
Awaiting SEBI nod
Torus Oro AMC has applied for an AMC license with capital market regulator Securities and Exchange Board of India (SEBI) and expects to launch its operations within this year, subject to applicable approvals.
Nitin Agrawal, one of the founding members of OroWealth, will be the CEO of Torus Oro AMC and will be heading the business along with his other founding members who will also join the team.
The digital first AMC aims to have ₹ 10,000 crore in AUM over three years with primary focus on Passive, Smart Beta, International and Retirement products.
To empower distributors
Nitin Agarwal, CEO designate, Torus Oro Wealth, said “The mutual funds industry is going through a tectonic shift driven by technology and innovation. We are excited about building a digital AMC with a technology first approach across the three verticals - distribution, fund management and operations. We will empower distribution partners and customers with sophisticated portfolio analytics tools, use cutting edge data analysis techniques to augment fund research and optimise fund operations with automation”.
CFH will bring necessary capital and its distribution strength, both digital and physical, while the OroWealth management team will bring in technology and current distribution tie-ups which includes banks, telecom, etc to the venture.