Money & Banking

Fisdom forays into tech-led HNI wealth space

PTI New Delhi | Updated on September 08, 2021

Appoints Abhijit Bhave as CEO of new venture

Wealth-tech startup Fisdom on Wednesday announced the launch of its new venture — Fisdom Private Wealth — which will cater to the investment needs of high networth individuals (HNIs).

It has roped in wealth management industry veteran, Abhijit Bhave, as the chief executive officer to head Fisdom Private Wealth, the company said in a statement.

Over two-and-a-half decades across the financial services industry in India, UAE and Vietnam, Bhave has held leadership roles in large global organisations like Deutsche Bank and HSBC.

He has also had stints with Karvy Private Wealth, ICICI Bank and Unit Trust of India in various roles and functions across diverse verticals such as asset management, cash management, corporate and retail banking.

Catering to HNIs

Fisdom said it has entered the technology-led wealth management space to cater to the investment needs of HNIs.

Fisdom Private Wealth will be offering differentiated investment products to its clients — mutual funds, portfolio management schemes (PMS), alternative investment funds (AIFs), unlisted private equity, bonds, FDs, structured products, Insurance as well as international products.

This new arm of Fisdom also plans to launch various other proprietary products in the due course.

Fisdom Private Wealth aims to bridge the gap of underserved HNI markets in the country with a robust tech-platform augmented with dedicated support by experienced wealth managers.

The start-up company has pioneered a unique bank partnership-led wealth management model that provides access to high quality services to customers in tier 2 and tier 3 locations.

Fisdom Private Wealth has started-off its business with 50 people at 10 locations such as Mumbai, Delhi NCR, Lucknow, Chandīgarh, Kolkata, Bangalore, Surat, Pune, Baroda and Bhopal, with an objective of widening its reach to serve HNIs across the country and even overseas.

“With Fisdom Private Wealth, which is one of our major strategic initiatives, we aim to transform the way HNIs experience their wealth management journey. Through our robust and secure technology infrastructure, we endeavour to provide best-in-class wealth management solutions backed by comprehensive research and capabilities,” Subramanya SV, Co-Founder and CEO, Fisdom said.

Bhave said that India is a relatively under-penetrated market for the private wealth segment, especially in tier 2 and 3 cities.

He further said that this scenario gives an opportunity to expand the reach of its technology-led products and services, thereby making Fisdom Private Wealth accessible to the Indian affluent class not only in the untapped domestic markets but also internationally.

Published on September 08, 2021

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