Indian wealth manager Sanctum Wealth has secured around $10.5m in investment from the investment firm The Xander Group.
The investment was made through Xander’s Singapore-based financial services arm.
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Sanctum started its operations in 2016, following its takeover of Royal Bank of Scotland’s Indian private banking business.
The firm offers investments, estate planning, and real estate and private transactions to high-net-worth (HNW) individuals in India and internationally. It manages some $2.17 bn in HNW client assets.
Sanctum will leverage the new capital to strengthen its operating platform and to expand its client base.
Sanctum CEO Shiv Gupta said: “We are seeing robust growth in our customer franchise, which we expect to continue.
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By GlobalData“Our partnership with The Xander Group, with whom we share our core values and see many synergies, should allow us to accelerate our growth and further strengthen our platform.”
The Xander Group founder Sid Yog added: “We are big believers in the structural opportunities being created in the Indian financial services space by a young, upwardly mobile, and entrepreneurial population, against the backdrop of deepening reforms and positive regulatory change. This will result in exponential growth in wealth advisory and management over the next decade.”
Xander has made private, public, credit, and venture investments worth $3bn in India since 2005.
Earlier this month, India-based invest-tech platform dezerv raked in $7m in a seed funding round to grow its team as well as launch and expand its investment technology platform.
In August this year, British banking giant Barclays announced plans to infuse more than $400m to its Indian arm as part of a strategy to ramp up its operations in the country.
The investment was aimed at driving the growth of the bank’s corporate and investment banking and private clients businesses in India.
