Kotak Securities is in the process of acquiring Bangalore-based wealth management platform FundExpert, the company said in a release today.
The acquisition will be done through Kotak Securities’ Startup Investments and Partnerships Team and is likely to be completed in a month, the company told BusinessLine.
Founded in 2020, FundExpert offers affordable and digital multi-asset wealth management solutions to over 2,300 independent financial advisors (IFAs) and mutual fund distributors, who currently manage portfolios worth more than ₹15,000 crore, the release said.
FundExpert said that building and developing high-tech solutions needs deep pockets and brand reliance, and that Kotak Securities will help empower existing partners by giving them a digital identity, the required technology and research solutions.
“This acquisition is part of our strategy in scaling IFA-led distribution business with the Kotak brand, our distribution network and vast experience in the financial services sector,” Jaideep Hansraj, MD and CEO of Kotak Securities was quoted as saying.
A full-service stock broker, Kotak Securities has 173 branches, and 1,306 franchisees and satellite offices across 382 cities catering to 32.8 lakh active customers as of June 30.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.