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February 8, 2022

Cosmea Financial strikes joint venture partnership with Orowealth

India-based financial service firm Cosmea Financial Holdings (CFH) has struck a joint venture (JV) partnership with wealth tech startup Orowealth to launch a digital-first mutual fund business.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The JV, which will be known as Torus Oro Asset Management Company (AMC), will mark CHF’s entry into the mutual fund space, reported BusinessLine.

Under the agreement, CHF will have a 74% stake in Torus while the remaining 26% will be held by Orowealth.

The two companies have approached the Securities and Exchange Board of India (SEBI) for an asset management company license.

The business is expected to launch later this year after obtaining necessary regulatory approvals.

It will leverage CFH’s capital and its distribution capabilities and OroWealth’s technology as well as its distribution tie-ups with banks and telecom.

According to the companies, Torus Oro AMC will majorly focus on smart beta, passive, international and retirement offerings.

It targets to achieve around $1.3bn (INR100bn) in assets under management (AUM) in the next three years.

Nitin Agarwal, who is one of the founding members of Orowealth, is the designated CEO for the AMC entity.

Agarwal said: “The mutual fund industry is going through a tectonic shift driven by technology and innovation. We are excited about building a digital AMC with a technology-first approach across the three verticals — distribution, fund management and operations.”

“We will empower distribution partners and customers with sophisticated portfolio analytics tools, use cutting edge data analysis techniques to augment fund research and optimise fund operations with automation.”

In September last year, Livemint reported that SEBI is planning to allow private equity funds to own local AMCs.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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