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Financial services firm Choice International Ltd has strengthened its wealth management business with a series of acquisitions by adding Rs 635 crore in assets under management.
The company, through its subsidiaries, has entered into definitive agreements to acquire the distribution business of the Fintoo Group, which includes wealth, insurance, alternative investment funds, and portfolio management services operated under Mihika Financial Services and Mihika Insurance Marketing Firm LLP, the company said in a statement on Thursday.
This acquisition will bring in about Rs 300 crore assets under management (AUM).
In addition, Choice has acquired Pune-based Glory Prime Wealth managing Rs 210 crore in AUM. The company has also formed a strategic business association with four mutual fund distributors in Himachal Pradesh, contributing Rs 125 crore in AUM, it added.
"This investment aligns perfectly with our strategy of expanding Choice's presence across the wealth and investment management value chain. We continue to explore more such synergistic opportunities to strengthen our leadership in the wealth management space, " Arun Poddar, Group CEO, Choice International Ltd, said.
In February this year, Choice acquired Arete Capital Services, which added Rs 5,151 crore AUM. This acquisition helped Mumbai-based company total wealth management assets grow to over Rs 6,800 crore from Rs 1,000 crore.
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