Within 10 months of starting wealth management business WGC Wealth, Wadhawans, promoters of DHFL, have exited venture by selling stake to employees. It is renamed as Validus Wealth, post the transaction.
In a separate transaction, LGT group, global private banking and asset management firm, has acquired substantial majority stake in the Validus Wealth, the company said in a statement. It, however, did not disclose financial details and ownership details for both deals.
The Princely Family of Liechtenstein owns LGT group. The remaining shares in Validus Wealth will continue to be held by the company’s current management team that opted for an Employee Buyout (EBO) recently.
The transaction is expected to conclude within the next two-three months subject to approval of the Indian financial regulator. Validus Wealth will continue to be led by its current founder & CEO, Atul Singh.
After the completion of transaction, Validus Wealth will become part of LGT Group. It will develop a full service platform in India, offering investment advisory, portfolio management, research, and wealth planning services. In the coming years, the range of services is likely to include financing, it added.
Validus Wealth, private wealth platform focused on serving Indian High Networth and Ultra High Net Worth clients was started in September 2018. It aims to offer investments, lending, succession planning, and protection services for investors in India.
With presence across nine cities (Mumbai, Delhi, Bangalore, Chennai, Pune, Goa, Hyderabad, Ahmedabad, and Chandigarh), it employs nearly 150 wealth management experts from foreign and local firms.
No comments:
Post a Comment