Financial services group Wadhawan Global Capital (WGC) has forayed into the wealth management space in India.

The new wealth management business will operate under the WGC Wealth name. It will cater to UHNWIs and HNWIs.

Commenting on the move, WGC Wealth CEO Atul Singh said: “The potential of the wealth management industry in India is undisputed, and there is an opportunity to build the business by offering right advice and differentiated experience to clients.”

WGC chairman Kapil Wadhawan added: “With an increase in upwardly mobile and wealthy Indians, the wealth management business with a distinct trust, technology, transparency-driven and advisory-led approach is a logical next step for us to add to our business lines.”

WGC is the parent for various brands including Dewan Housing Finance (DHFL), Aadhar Housing Finance, Avanse Financial Services, DHFL Pramerica Life Insurance, DHFL Pramerica Asset Managers as well as DHFL General Insurance.

The firm’s investment, lending and insurance platforms oversee $22bn in assets. The firm also has a London based subsidiary called Wadhawan Global Capital (UK).

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By GlobalData