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WealthDesk and ICICIdirect have entered into a partnership to offer readymade portfolios, called WealthBaskets, to the latter’s over 7 million retail investors.
WealthDesk is an internet-scale investment technology platform that’s building the Unified Wealth Interface (UWI) that would enable retail investors to invest across mobile apps and websites through their broking accounts.
ICICIdirect’s users, as per the press release, can now invest in more than 40 WealthBasket portfolios from a wide range of Sebi registered professionals with investment sizes ranging from as little as ₹1,000 to over ₹10 lakh. These WealthBaskets can be long-term, short-term, balanced, asset allocation based, thematic, sectoral and other portfolios providing holistic wealth management.
The themes of some of the WealthBaskets include Make in India, Consumption, Chemicals, Defensive Momentum, Digital India, Banking & Investment Services and MNC. These baskets are being provided by Quantech Capital, and have SIP (systematic investment plan) option available.
Ujjwal Jain, founder & CEO, WealthDesk said, “ICICIdirect has always been at the forefront of bringing internet-based trading to retail Investors. As Bharat as well as India starts to participate more in the Equities markets, we want to introduce managed systematic WealthBaskets and other Wealth Management solutions under our Unified Wealth Interface vision to a larger segment of the retail investor community. Our partnership with ICICIdirect gives any of their retail investors seamless access to these WealthBaskets and other innovative wealth solutions."
“We are happy to offer research and theme backed WealthBaskets from SEBI registered professionals on WealthDesk to ICICIdirect users. ICICIdirect customers now have the added option of choosing from equity or ETF WealthBasket portfolios as per their investment objectives and risk appetite. We are happy to play our part in democratising high quality investment ideas for the retail investors," said Anupam Guha, Head – PWM, ICICI Securities.
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