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The Xander Group Inc., a global investment firm, invested ₹78 crore in Sanctum Wealth, a wealth management company.
The investment will be made through Xander’s Singapore-based financial services arm and the funds will be used to strengthen Sanctum’s operating platform and increase its client coverage. Sanctum oversees more than ₹16,000 crore in high-net-worth client assets and operates across six major cities in India.
Structural opportunity
Shiv Gupta, CEO at Sanctum, said in a statement , “Our partnership with The Xander Group, with whom we share our core values and see many synergies, should allow us to accelerate our growth and further strengthen our platform. The Indian wealth management sector represents a huge structural opportunity, and we look forward to working with Xander and our existing investors, which includes Multiples Alternative Asset management, to take our franchise to the next level in scope and scale.”
Sid Yog, Founder of The Xander Group, Inc., said, “We are big believers in the structural opportunities being created in the Indian financial services space by a young, upwardly mobile, and entrepreneurial population, against the backdrop of deepening reforms and positive regulatory change. This will result in exponential growth in wealth advisory and management over the next decade. We are, thus, very pleased to make this investment and look forward to helping Shiv and the Sanctum team achieve their next phase growth goals rapidly.”
Sanctum Wealth commenced business in April 2016 through the acquisition of the Royal Bank of Scotland’s Indian private banking business. It provides a range of wealth management services to high net-worth individuals in India and abroad. These include the full spectrum of investment services, estate planning solutions, real estate services and private market solutions.
Zanskar Advisors were the investment bankers for the Xander investment transaction.