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September 12, 2022

Kotak Securities unit to buy Indian wealth management firm FundExpert

Kotak Securities’ Startup Investments and Partnerships Team has reached a deal to purchase FundExpert, a wealth management company based in Bangalore, India.

Established by Anuraag Saboo and Amit Sharda in 2020, FundExpert provides independent financial advisors (IFAs) and mutual fund (MF) distributors with low-cost and digital multi-asset wealth management solutions.

The firm primarily serves IFAs and MF distributors who manage portfolios worth INR150bn ($1.8bn). Currently, over 2,300 distributors are said to have used the FundExpert platform.

Financial details of the new deal have not been divulged. It is expected to close within a month, reported BusinessLine.

Kotak Securities MD and CEO Jaideep Hansraj said: “Our strategy to acquire the assets of Fundexpert is to provide a tech-led one stop shop for Independent Financial Advisors and Mutual Fund Distributors in India.

“Distributors will be able to manage their mutual funds, equity, and other financial products distribution seamlessly through this platform.

“This acquisition is part of our strategy in scaling IFA-led distribution business with the Kotak brand, our distribution network and vast experience in the financial services sector.”

Kotak Securities is a full-service stock broker that operates 173 offices as well as 1,306 franchisees and satellite offices globally.

In a joint statement, Saboo and Sharda said: “There is a strong need to empower the financial distributors with modern technology, but building and developing such high-tech solutions need deep pockets and brand reliance.

“We are truly excited to have Kotak Securities onboard to back our idea of empowering the existing distribution network of small and mid-sized Advisors/Distributors by giving them digital identity, the required technology and research solutions.”

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