Cosmea Financial launches Torus Private Wealth; targets $1 bn in AUM

Sam Ghosh promoted Cosmea Financial Holdings (CFH) announced the launch of Torus Private Wealth with a target of achieving an asset base of $1 billion in the next 3 years.

Sam Ghosh promoted Cosmea Financial Holdings (CFH) on Tuesday announced the launch of its wealth management business -- Torus Private Wealth -- with a target of achieving an asset base of USD 1 billion in the next three years.

In the first two months since it began its initial operations, Torus Private Wealth has clocked assets under management (AUM) of USD 20 million and has a presence in Delhi and Mumbai, CFH said in a statement.

The company targets an AUM of USD 1 billion in the next 3 years, with a focus on providing end-to-end financial solutions and strategic advisory services to High Net worth Individuals (HNI), ultra HNIs, emerging businesses, and startups.

"Wealth origination in emerging businesses and startup ecosystems has superseded traditional investment products. Startups and venture funding now form an important asset class for holistic wealth management. If one can add strategic value to these businesses, this facilitates in generating additional wealth," said Sumita Pillai, CEO, Torus Private Wealth.

Over the next few quarters, Torus Private Wealth will be launching and distributing products focused on Indian and foreign currency to target the LRS (Liberalised Remittance Scheme) and non-resident pool.

The company further plans to expand to Bangalore, Hyderabad, and Kolkata in the next 3-4 months.

Torus Private Wealth will be focusing on in-house product manufacturing capabilities and adopting an open architecture platform, thereby building a combination of deep insight and domain technology model to drive its growth.

Recognising the MSME sector as an important and emerging sector of the Indian economy, Torus Private Wealth also has a pipeline of customised products for this sector which has been traditionally ignored by wealth managers.

Another key differentiator is the company's Business Owners Advisory (BOA). This will help enable a deeper penetration of the wealth management platform with clients.

"The delivery model will consist of a mix of offline interface coupled with a high-end technology platform that will offer a single view and accurate picture of the investors net worth across portfolios and products," said Pillai.

Earlier this year, Torus Kling Blockchain IFSC, a 50:50 joint venture between CFH and Kling Trading India, signed an MOU with India INX to launch Bitcoin and Ethereum Futures ETF and Metaverse US-listed Large-cap, which will be the first crypto-backed futures ETF in the country, subject to applicable approvals.

Recently, CFH announced a joint venture with Mumbai-based wealth and investment management fintech startup Orowealth to launch digital-first Torus Oro AMC.

CFH holds a 74 per cent stake in the AMC, which has applied for a licence with markets regulator Sebi to start operations.