Asia-focused investment group PAG has made an investment of $325m in Edelweiss Wealth Management (EWM), the wealth management business of Edelweiss Group.
As part of the investment, PAG is also acquiring the entire ownership of the prior investors Kora Management and Sanaka Capital in EWM.
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PAG will own 61.5% stake in the firm while Edelweiss will continue to hold 38.5% stake, with the option to increase it further to up to 44%.
Edelweiss Group chairman and CEO Rashesh Shah said: “The partnership with PAG is a strong endorsement of the quality of businesses we have built to scale over the years. Our focus will continue to be on enhancing the value of the franchise while simultaneously exploring avenues to unlock this value for the shareholders.”
EWM comprises wealth management and capital markets business. The company caters to 2,400 of the country’s wealthiest families as well as 670,000 affluent and HNW individuals.
It posted $121m in revenue and profit after tax of $25m for the first nine months of fiscal year 2021.
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By GlobalDataEdelweiss Wealth Management managing director and CEO Nitin Jain added: “With a significant growth runway visible for Wealth Management in India, we are excited to expand our market dominance with a great partner like PAG. With PAG’s global know-how and strategic guidance, we look forward to a transformative journey ahead.”
In 2019, Edelweiss partnered with Bank of Singapore to access each other’s platforms.
