Canadian investment firm Fairfax Financial is weighing the sale of its stake in India-based IIFL Wealth Management, Bloomberg reported citing people familiar with the development.

The Toronto-based firm, led by Prem Watsa, is said to be involved in preliminary talks with potential buyers for the sale.

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The sources, whose names weren’t disclosed as the information is private, also said that other IIFL stakeholders including General Atlantic could also offload their stake in the firm.

According to the report, a vehicle controlled by Fairfax owns around 13.6% interest in IIFL.

Private equity firm General Atlantic took a 21% stake in the firm in 2015.

Deliberations are currently underway, and the investors may decide to pull back from the sales, the sources said.

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General Atlantic, IIFL Wealth, and Fairfax refused to offer comment on the report.

Established in 2018, Mumbai-based IIFL Wealth caters to high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals, family offices and institutional clients.

The firm manages more than $44bn in assets.

In April 2020, IIFL Wealth acquired L&T Capital Markets for $30.1m. In 2018, it signed a deal to purchase domestic investment solutions firm Wealth Advisors India in a deal worth $31.97m.

In 2019, IIFL Holdings spun off and listed its wealth management business as separate unit calledIIFL Finance.

Latest development in India’s wealth management space

Last month, financial service firm Cosmea Financial Holdings launched its wealth management business to financial solutions and strategic advisory services to HNW and UHNWindividuals, as well as emerging businesses and start-ups.

The same month, multi-family office and wealth advisory firm Waterfield Advisors raised $6m in series B funding to accelerate its growth.