Mumbai: Wadhawan Global Capital (WGC), the promoter company of financial services firm Dewan Housing Finance Corp. Ltd, on Tuesday said it is entering the wealth management business.
The wealth management foray will be housed under WGC Wealth.
WGC Wealth chief executive Atul Singh said the wealth management industry in India continues to offer strong opportunities.
“On the demand side, the wealth creation process in India is robust. Most of the savings which were earlier going into real estate and gold are now going into financial instruments,” Singh said.
He said, however, that there are only a handful of players offering wealth management services.
“The market is definitely not crowded. Most of the global players in the field are not present here. So, this is a big opportunity for domestic players,” he said.
The wealth management business will serve clients across high net-worth and ultra high-networth segments.
Singh said WGC Wealth would also create its own products in the portfolio management services (PMS) and alternative investment fund (AIF) space.
The firm will also offer credit solutions to clients through its own non-banking financial services company.
The company has hired 70 investment professionals, which is expected to grow to 120 across 13 cities by the end of this year.
It will target cities such as Pune, Chandigarh, Lucknow, Jaipur, Ahmedabad and Coimbatore in addition to the major metros.
“Our foray into wealth management reaffirms our strategy of offering integrated financial services to customers across their lifecycle needs,” said Kapil Wadhawan, chairman of Wadhawan Global Capital.