Indian fintech company Asit C. Mehta Financial Services (ACMFSL) has agreed to purchase the registered investment advisor (RIA) unit of iFAST Financial India (iFAST India) .
iFAST India’s RIA platform is designed to allow independent financial advisers to offer fee-based multi-asset advisory solutions.
It also helps investors with advisory and investment opportunities.
Financial details of the latest deal have not been disclosed.
ACMFSL group MD Deena Mehta said: “As a company with close to 40 years of unblemished legacy, we are extremely confident that with the kind of technology we bring to the fore, investment advisory and experience that we have in capital markets, we will be able to add lots of value to the introducers and clients of iFAST.”
iFAST India is a unit of Singapore-based wealth management fintech company iFAST.
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iFAST Financial India MD Erik Hon said: “We have had multiple conversations with the management and leadership team of Asit C Mehta Financial Services Group and we believe that with their fantastic track record of the equity markets and investment advisory, we at iFAST are sure that the client base and introducer base that we have been able to onboard, will be handled very well by the team at ACMFSL and their group company.
“We are going to offer all support during the period of this transition. We wish the entire team of ACM and their group companies the best of luck.”
In October 2019, iFAST’s Chinese subsidiary created a joint venture (JV) with Hong Kong’s RFO to serve the ultra-high net worth industry in China. The deal gave RFO a 70% stake in the JV, while the remaining stake was owned by iFAST China.