A fter acquiring the wealth management business of iTrust Financial Advisors, Karvy Private Wealth (KPW) is revamping operations to scale up business, including international activity in West Asia and Africa to begin with.
Last month, KPW, part of the Karvy group, bought iTrust’s wealth business which has operations in Delhi/NCR, Bangalore and Hyderabad, for an undisclosed sum.
Hrishikesh Parandekar, chief executive of KPW, said the iTrust acquisition was part of the business expansion plan. Now, the business would be run under four wings, including iTrust with advisory, tax filing and financial planning focus. It would focus on the category of clients with assets of Rs 25 lakh to Rs 5 crore.
This is being supported by a revised model to ensure business growth on a solid foundation. The second platform, termed as Electus, will concentrate on clients with an asset base of over Rs 5 crore. The family office unit line would be part of this group.
The equity broking advisory for High Networth individuals (HNIs) would form a third leg of the business structure. Revenues in this business move up and down in line with market sentiments and outlook.
Parandekar said Karvy already has a presence in Dubai. KPW would expand activity in West Asia and Africa by focusing significantly on non-resident Indians. This is the fourth piece in the structure.
The long-term goal is to become an intermediary for India-bound investment flows. This overseas business would expand to cater to institutional investors as well, he added.
Referring to the growth in business and talent pool, he said at present the assets under management are worth about Rs 2,500 crore and are expected to grow manifold to nearly Rs 25,000 crore in the three years.
Karvy will also double its talent pool to 500 professionals in the next 12 months.
