Nuvama, which was earlier called Edelweiss Wealth Management, will be approaching the National Company Law Tribunal (NCLT) later this month for its approval of the scheme, Nuvama's chief executive and managing director
"We would like to do the listing as soon as possible. I feel it will get listed by July or August," he added.
Over 55 per cent of Nuvama is owned by private equity fund PAG, while Edelweiss' Rashesh Shah and
The company, which has client assets of Rs 2.25 lakh crore at present, is targeting to more than double the same to Rs 6 lakh crore by 2028, Kehair said.
He said the company is targeting ultra-high net worth individuals, high net worth individuals and affluent segments, which will help it serve anybody with an investible surplus of over Rs 1 crore.
It also plans to expand its reach to more than 300 cities and grow the number of wealth managers to over 2,000 in the next five years, Kehair said.
He said the alternative investments fund business will get increased focus going forward, especially after the taxation changes on the debt mutual fund side which have made investing in those instruments less exciting.
Nuvama is planning to launch newer AIFs, including one dedicated to the real estate sector, he said.
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