The wealth management business of Indian firm IIFL Group has agreed to acquire Mumbai-headquartered L&T Capital Markets (LTCM), which provides wealth management services to individual and institutional clients.
The financial terms of IIFL Wealth’s deal were not disclosed and the acquisition is subject to regulatory approval.
Global and local
“While most of our growth over the years has been organic, we have also successfully aligned with the right partners in the business in the past,” said Karan Bhagat, founder, managing director and chief executive at IIFL Wealth Management.
“Going forward, our combined effort will further strengthen our reach and offerings for the high net worth and ultra-high net worth clients across India.”
IIFL Wealth has operations across eight countries globally and 23 locations in India, while LTCM has nine offices across India.
LTCM also has a separate Dubai-based entity in the Dubai International Finance Centre (DIFC), however is unknown if it is part of the deal.