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June 16, 2022

India’s True Beacon launches wealth management service for ultra-wealthy

India-based financial service firm True Beacon has set up a wealth management division to cater to the growing number of ultra-high-net-worth (UHNW) individuals.

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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.

Operating under SEBI’s Portfolio Management Services (PMS) licence, True Beacon Wealth will manage wealth across all asset-classes for affluent individuals, entrepreneurs, families and institutional investors.

Even though the firm plans to offer a range of PMS services, it will focus more on offering discretionary PMS to clients.

Kotak Mahindra Bank has been appointed as the custodian to the PMS and will offer accounting and reporting services, according to a Livemint report.

True Beacon was founded in September 2019 by Zerodha co-founder Nikhil Kamath and former Standard Chartered Private Bank vice-chairman of Richard Pattle.

The firm is said to serve 500 UHNW individuals and HNW individuals.

The Bangalore-headquartered firm has a branch office in Gujarat International Finance Tec-City (GIFT City) to serve its global clients, and representative offices in Mumbai and Delhi.

Commenting on the launch of the new wealth management service, Pattle said: “My time in international private banking reinforced the growing need for sophisticated and bespoke wealth management globally, including India.”

Kamath added: “The use of derivatives will be a key differentiator. We will use derivatives for instance to give customers access to commodities rather than opting for commodity stocks.

“Another unique selling point is the fact that government bonds will feature prominently in our offering. We will also have among the lowest cost/fee structures in the industry.”

Recently, Kotak Investment Advisors, a subsidiary of India-based Kotak Mahindra Bank, launched an investment management platform.

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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