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WGC Wealth, a recent entrant in Indian private wealth management space, is aiming to break into the top-five industry ranking league in next five years, its CEO Atul Singh has said.
In just three months since the launch, this wealth management arm of the $22-billion Wadhawan Global Capital, has already built a book of ₹1,000 crore, mostly from Ultra HNIs and HNIs, Singh told BusinessLine here.
“In the next five years, we want to ramp up our assets under management to ₹20,000-30,000 crore. This is the right time to scale up, given the current opportune trend of financialisation of savings gathering pace in the Indian economy,” Singh said. Singh maintained that being a late entrant into the wealth management space was not a handicap for WGC Wealth as there is still a big market for “high quality financial advise” in the country.
WGC Wealth aspires to make inroads into the top five industry league for private wealth management — a space currently dominated by biggies such as Kotak Wealth Management and IIFL Wealth..
More cities
WGC Wealth, which is now operational in 10 cities, will look to expand its wings into five more cities including Hyderabad, Jaipur, Kanpur and Kolkata before the end of the current fiscal.
WGC Wealth is positioning itself as a ‘financial health’ platform to provide all-inclusive solutions for the financial life-cycle of wealthy Indian families. Singh also highlighted the current trend of foreign private wealth management biggies, including overseas banks — who had entered into India in the late nineties and early 2000 — receding from the Indian market.
“I don’t see these foreign players making a comeback into India in the coming days. It is home-grown firms that are going to ride on this huge opportunity of wealth management in India in the coming years,” Singh said.
Structures first
With more wealth being created in India, Singh said more Indian families are now beginning to put a premium on having the “right structures” for managing wealth and then follow it up with the choice of asset classes. “The new-age approach in India is to put a premium on structures. This is now becoming an important part of our conversation,” Singh said.
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