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Cosmea Financial Holdings (CFH), a new-age financial conglomerate promoted by Sam Ghosh, has ventured into the wealth management business with the launch of Torus Private Wealth.
Torus Private Wealth targets assets under management (AUM) of $1 billion in the next three years with a focus on providing end-to-end financial solutions and strategic advisory services to high net worth individuals (HNI), ultra HNI, emerging businesses, and start-ups.
“Wealth origination in emerging businesses and the start-up ecosystem has superseded traditional investment products. Start-ups and venture funding now form an important asset class for holistic wealth management. If one can add strategic value to these businesses, this facilitates in generating additional wealth,” said Sumita Pillai, CEO, Torus Private Wealth.
In the first two months since it began its initial operations, Torus Private Wealth has clocked an AUM of $20 million and has a presence in Delhi and Mumbai.
Expansion plans
Over the next few quarters, Torus Private Wealth will be launching and distributing products focused on Indian and foreign currency to target the LRS (Liberalised Remittance Scheme) and non-resident pool. The company further plans to expand to Bangalore, Hyderabad, and Kolkata in the next 3-4 months.
Torus Private Wealth will be focusing on in-house product manufacturing capabilities and adopting an open architecture platform, thereby building a combination of deep insight and a domain technology model to drive its growth.
“We are observing a paradigm shift in the wealth management industry with the emergence of the new generation of digital investors. Torus Private Wealth is attempting to re-shape how advice and investment products are being delivered through the use of new technologies,” said Pillai.
Recognising the MSME sector as an important and emerging sector of the Indian economy, Torus Private Wealth also has a pipeline of customised products for this sector which has been traditionally ignored by wealth managers.
“Torus Private Wealth key differentiator would be customisation of products and portfolios, end-to-end solutions to MSME segment and strategic offshore opportunities,” said Pillai.
Business owners advisory
Another key differentiator is the company’s Business Owners Advisory (BOA) which is part of the overall offering to investors. This will help enable deeper penetration of the wealth management platform with clients.
“The delivery model will consist of a mix of offline interface coupled with a high-end technology platform that will offer a single view and accurate picture of the investors’ net worth across portfolios and products,” Pillai said.
Earlier this year, Torus Kling Blockchain IFSC, a 50:50 joint venture between CFH and Kling Trading India, signed an MOU with India INX to launch Bitcoin and Ethereum Futures ETF and Metaverse US-listed Large-cap, which will be the first crypto-backed futures ETF in the country, subject to applicable approvals.
CFH has also announced a joint venture with Mumbai-based wealth and investment management fintech start-up Orowealth to launch digital-first Torus Oro AMC. CFH holds a 74 per cent stake in the AMC which has applied for a licence with SEBI to start operations.
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