IIFL Wealth Management said that the asset base of its wholly owned subsidiary, IIFL Asset Management (IIFL AMC), has crossed the Rs 50,000 crore mark.
The fund company’s total assets under management (AUM), comprising alternative assets and mutual funds, rose to Rs 50,019 crore from Rs 37,372 on March 31, FY21. The AUM of the mutual fund is Rs. 3,453 crore, while the replacement and investment mandates are Rs. 46,566 crore. While the one-year absolute growth in assets under management was 87%, the three-year absolute growth was 212%.
The growth in assets under management was achieved primarily through increased inflows into listed and unlisted funds, as well as increasing traction on long-short, real estate and credit funds. IIFL AMC has received an encouraging response from new institutional clients as well as major distributors in the market.
Karan Bhagat, Founder, Managing Director and CEO of IIFL Wealth & Asset Management, said, “Our AMC has grown tremendously over the past few years and the AUM bar of Rs 50,000 crore is the culmination of several steps taken along the way. We are very excited about the potential our AMC offers – the opportunity is multiple compared to what we are today.
We have witnessed resounding acceptance from UHNIs, HNIs, Family Offices and global institutions and we have become an AMC of choice for investments in India. IIFL AMC is led by a strong team and has established itself as an innovative investment firm that offers cutting edge investment products and solutions, added Karan Bhagat.
IIFL Wealth is a private wealth management company in India. It meets the needs of high net worth and very high net worth individuals, affluent families, family offices and institutional clients through a full range of tailor-made wealth management solutions.
The company’s consolidated net profit jumped 42% year-on-year to Rs 119 crore in the first quarter of FY22 from Rs 83 crore in the first quarter of FY21. Operating income rose 43% to Rs 283 crore in the first quarter of FY22 from Rs 199 crore in the first quarter of FY21.
The script fell 1.21% to end at Rs 1,571.20 on BSE on Thursday.
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