IIFL Wealth Management said that the asset base of its wholly owned subsidiary, IIFL Asset Management (IIFL AMC), has crossed Rs 50,000 crore-mark.
The fund house's aggregate assets under management (AUM) comprising alternative assets and mutual fund rose to Rs 50,019 crore from Rs 37,372 on 31 March FY21. The mutual fund AUM stands at Rs.3,453 crore while the alternates and investment mandates are at Rs. 46,566 crore. While the one-year absolute growth in AUM was 87%, the three-year absolute growth was 212%.
The growth in AUM has been achieved mainly on the back of increased inflows into the listed and unlisted funds besides rising traction on long short, real estate and credit funds. IIFL AMC has received an encouraging response from both new institutional clients as well as large distributors in the market.
Karan Bhagat, Founder, MD & CEO, IIFL Wealth & Asset Management, said, Our AMC has shown stellar growth over the last few years and the Rs 50,000 crore AUM mark is a culmination of multiple milestones achieved along the way. We are very excited by the potential that our AMC offers - the opportunity is multi-fold compared to where we are today.
We have witnessed a resounding acceptance from UHNIs, HNIs, Family Offices and global institutions and have emerged as an AMC of choice for investments in India. IIFL AMC is led by a strong team and has established itself as an innovative investment firm that offers pioneering investment products and solutions, Karan Bhagat added.
IIFL Wealth is a private wealth management firm in India. It serves the needs of high net worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions.
The company's consolidated net profit surged 42% YoY to Rs 119 crore in Q1 FY22 from Rs 83 crore in Q1 FY21. Revenue from operations rose by 43% to Rs 283 crore in Q1 FY22 from Rs 199 crore in Q1 FY21.
The scrip fell 1.21% to end at Rs 1571.20 on the BSE on Thursday.
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