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WGC sets stage for its foray into wealth management

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Wadhawan Global Capital (WGC), the holding company of DHFL, has hired top executives from global and Indian wealth management companies encouraged by rising savings and demand for expert advice in one of the fastest growing markets in the world.

WGC Wealth has hired senior executives from Julius Baer, IDFC Bank and Kotak Mahindra Bank as it builds a brand new team for a business that is drawing highest valuation among financial services firms. Fourteen executives from Julius Baer, eleven from IDFC Bank and nine from Kotak Mahindra Bank have been hired with WGC signing up 70 people across the country. It plans to have 100 people on its roles by the end of December.

“With over $400 billion of new savings coming in every year, this market is just starting up. Most of this money so far used to go into real estate, xed deposits, gold and mis sold insurance. This is now changing. This nancialisaton of savings means that the market could be worth trillions of dollars in the next ve to ten years,” said Atul Singh, CEO at VALIDUS Wealth.

Valuations of existing wealth management companies have skyrocketed in the last few years. Last month IIFL Holdings’ wealth management arm raised Rs 745.71 crore by selling 5.1 per cent stake to a clutch of investors, valuing the company at Rs 14,621 crore. Another wealth manager ASK Group is aiming for a valuation of more than $1 billion as it prepares to launch an initial public oering (IPO). Brokerage led wealth manager Anand Rathi is also looking to hit the equity market.

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