Wealth First Portfolio Managers announced the acquisition of a controlling interest in a Mumbai-based firm, Wealth First Advisors (WFAPL), a wealth management and distribution firm, at an equity valuation of Rs 102.15 crore.
The acquisition significantly strengthens Wealth First’s presence in India’s largest wealth management market and takes the combined business to nearly Rs 9,000 crore in assets under management. More importantly, it marks a significant milestone in the firm’s evolution from a Western India-focused practice into a national financial services institution. Anchored in wealth and asset management, Wealth First is steadily building an integrated financial services platform designed to serve clients across their evolving investment and wealth creation needs.
Under the agreement, Wealth First will first acquire a 51% stake in WFAPL through a combination of internal accruals and a share swap, upon execution of the requisite transaction documents. The remaining 49% will be acquired at a future date based on WFAPL’s valuation as on 31 March 2029, and is proposed to be settled entirely through a share swap.
The acquisition follows Wealth First’s strategic entry into asset management earlier this year through its sponsorship of Lakshya Asset Management. While that initiative strengthened the firm’s manufacturing capabilities, the acquisition of WFAPL expands its advisory and distribution franchise.
Source: Business-Standard