Choice Wealth Management Private, the step down subsidiary of Choice International, has swooped on Bank Bazaar’s mutual fund distribution business.

Deal details

Financial terms of the deal were not shared, other than the fact that it was an all-cash transaction.

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The deal will enable those leveraging Bank Bazaar to gain access to the research tools on Choice’s online platform for mutual fund investments via Investica.

Bank Bazaar entered the online mutual fund distribution space in 2016.

According to Choice, Investica – a web-app platform for mutual funds investment – will be placed under the category of large mutual fund investment platforms with complete emphasis on wealth creation as a result of the acquisition.

Choice noted that the purchase is aimed at supporting Investica’s inorganic growth plan and grow its share in the Fintech mutual fund distribution space.

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The deal, touted as a win-win for both parties concerned, is said to help Investica rapidly grow its AUM and client headcount.

M&A activities in India in 2020

Consolidation activities have been rampant in the Indian financial space recently.

This includes PAG’s acquisition of a 51% interest in India-based Edelweiss Group’s Wealth Management business for around $300m in August.

In the same month, InCred Asset Management, part of InCred Capital, snapped up Vishuddha Capital Management to enter the Indian asset management space.

In July, Indian digital banking fintech start-up Niyo bought mutual funds investment platform Goalwise.

In April, Manulife Investment Management picked a 49% stake in Mahindra Asset Management Company, a unit of Mahindra & Mahindra Financial Services, for $35m.

Also in April, IIFL Wealth Management acquired a 100% stake in L&T Capital Markets.