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Gopal Srinivasan, of TVS Capital Funds, has invested in Bengaluru-based wealth management company International Money Matters. The investment is in “high single digit crores,” according to him.
Srinivasan, who has made a few investments in the financial technology space, sees wealth management as a huge growth opportunity and International Money Matters, founded by Lovaii Navlakhi, provided the right opportunity to invest. Srinivasan believes that there is an opportunity to grow International Money Matters’ into a multi-city business, providing fee-based wealth management services to manage wealth in the Rs 1-10 crore space.
Navlakhi, an MBA in Finance from SP Jain Institute of Management and a Certified Financial Transitionist, says International Money Matters Pvt Ltd, of which he is the Founder and CEO, will use the money to establish a presence in more cities and improve its technology. The company has a 55-member team, over 500 clients, about Rs 850 crore of assets under management and more than Rs 300 crore sum assured on the life insurance side, for its clients. It is present in Bengaluru, Mumbai and Delhi, and also has NRI clients.
Srinivasan told BusinessLine that there was a huge opportunity to transform the wealth management space especially using financial technology. International Money Matters was one of the earliest in the space to go in for fee-based service. Narayan Seshadri, Chairman and CEO, Tranzmute Capital & Management, has co-invested in International Money Matters, he said.
Navlakhi, who has nearly two decades experience in corporate finance, started International Money Matters in 2001 since he felt that there were not many offering wealth management advice to those going through a transition. The company also advices its clients on investing in global and cross border products, telling them it is a good idea to invest a part of their wealth outside the country.
Even as his company expands, Navlakhi says it will continue to provide personalised and customised wealth management advice to each of its clients.
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