IIFL Wealth was co-founded by Karan Bhagat, Yatin Shah and Amit Shah in 2008. Amit Shah no longer works with the organization. Amit Shah LinkedIn
Mention investment by private equity and then listing?
The company has presence in 5 countries and 27 office locations. The headquarters for the same is located in Mumbai.
The company employees total more than 800 people. They had 288 relationship managers as of 2019 as per this report.
The total assets under management (AUM) are more than 27 billion dollars as on December 31, 2020.
The firm has the following licenses – IIFLW Services Limited is registered with SEBI as Portfolio Manager, Stock Broker, Depository Participant and Investment Advisor. IIFLW is also registered with AMFI as a distributor of mutual funds. IIFLW acts as the Sponsor to IIFL Mutual Fund, Co-Sponsor to Schemes of Alternative Investment Funds; The associate/group companies of IIFLW acts as Investment Manager to schemes of Mutual Funds, Alternative Investment Funds, Venture Capital Funds, provides Portfolio Management Services, Trustee Services, Investment Advisory Services, Distribution Services, Non-Banking Financial Services, Housing Finance, Merchant Banking Services, Business Process Outsourcing activities.
Registration Details of IIFLW: 1] CIN No.: U74140MH2008PLC177884; 2] SEBI PMS Regn. No INP000002676: 3] Stock Broker Registration: National Stock Exchange of India Ltd. SEBI Regn. No. : INZ000011437, Bombay Stock Exchange Ltd. SEBI Regn. No.: INZ000011437 4] SEBI DP Regn. IN-DP-271-2016; 5] AMFI Regn No. : 5956 6] Investment Adviser : INA000007067.
Karan Bhagat (Founder, MD, CEO) : Karan Bhagat has more than two decades of experience in the financial services industry. Karan completed his MBA in finance from Indian Institute of Management, Bangalore. Karan Bhagat Linkedin
Yatin Shah (Co-Founder, ED): with close to two decades of experience in equity research and wealth management. Prior to that, he completed his Masters in finance from Cass Business School. Yatin Shah LinkedIn
Anirudh Taparia (ED): two decades of experience in the financial services industry. Prior to that he completed his PGDM in finance from Symbiosis Center for Management and HRD. Anirudh Taparia LinkedIn
Umang Papneja (CIO) : has more than 20 years of experience in investments and wealth management. Prior to that, he was the head of investment advisory at Societe Generale Private Banking. He completed his masters in management studies from Jamnalal Institute of Management studies. Umang Papneja LinkedIn
IIFL-One – IIFL has recently launched a platform which aims to enhance client experience through transparency using “all-in” fee structure. It aims to reduce the clients’ cost. The company aims at combining PMS and advisory services, moving on from a fully distribution-led model.
Lending solutions – IIFL Wealth Prime Limited is an NBFC registered with the RBI, and a 100% subsidiary of IIFL Wealth Management Limited. They offer a range of lending solutions to their clients across the spectrum of structured leverage. Their primary aim is to provide customers access to capital to facilitate investments.
Estate Planning – Succession and estate planning which involves setting up of family private trusts, drafting and registration of wills, and managing assets under the trust.
Investment philosophy (For firm)
Umang Papneja, CIO at IIFL wealth in one of his interviews with Hubbis talks about his investment philosophy which is to always try and find value spots around various asset classes, then creating a product around it for the clients also known as the value hunting philosophy. Markets regularly offer pockets of opportunities that investors can leverage to generate alpha. The primary job of a wealth manager is to stick to the asset allocation agreed with the client at the start of a relationship.
As per Karan Bhagat, clients approach IIFL wealth for preserving wealth and not necessarily creating wealth. Creating wealth is already happening with the business activities that have been undertaken by the clients and IIFL takes the responsibility of managing that wealth created. The primary aim is to reduce volatility in the portfolio and there is a lot of emphasis placed on the IPS. This is achieved through 3 P’s i.e. people, proposition and platform.
IIFL Wealth to open Rs 750 crore fund-of-funds for tech bets, The Economic Times, December 21 2020
IIFL Wealth will launch a Rs 750 crore fund-of-funds (FoF), that will partner tech-focused VC funds in the country to invest in their portfolio’s best performing digital companies.
IIFL Wealth exits advisory business post Sebi circular, Mint, October 3 2020
IIFL wealth management business exited its investment advisory business to cease offering distribution and advisory services to the same client following a circular from SEBI.
- The Curious Case of Missing Alpha, Outlook Money, May 21 2019.
Umang Papneja (CIO) talks about how returns should not be taken at face value and a deeper and unbiased analysis can provide interesting insights. He talks about how investors could leverage market opportunities to generate a positive alpha.
- IIFL wealth clarification about baseless rumours, The Hindu, February 6 2019
IIFL Wealth Management Limited (IIFLW) notice on the resignation of Amit Shah from the services of IIFL Wealth citing personal reasons behind the move.
How do you cater to your client base? Do you separate them further into categories, whether it’s on portfolio size, source of wealth or behavioural lines?
How would you summarize IIFL’s investment philosophy?
How has the investment landscape changed for HNW investors in India over the past say 5 years?
Prepared by – Chaitanya
Date – February 26, 2020
Peer reviewed by – <name>