IIFL Wealth Management acquires Bengaluru-based fintech firm

IIFL Wealth Management Limited (“IIFL Wealth”), a leading wealth management company in India and part of the IIFL group today announced the proposed acquisition of Altiore Advisors Private Limited (“Altiore”), a Bengaluru-based fintech company. The Altiore team led by founder Vivek Banka will join IIFL Wealth.

Altiore has created a niche for itself in the financial services space with a proprietary one of its kind software that integrates and runs deep analytics on the entire net worth of clients across all their stakeholders like wealth managers, banks, insurance policies, mutual funds, real estate, etc., and helps them take informed decisions. Altiore Capital had around INR 5000 Crore of assets under its tracking as on August end. 

Commenting on the acquisition, Karan Bhagat, Founder, CEO & MD, IIFL Wealth Management, said, “Analytics is an important component of wealth management.  The Altiore acquisition, will bring on board a highly qualified team which will provide an immediate boost to our technology capabilities, especially on the client facing side.”

Vivek Banka, Founder, Altiore, said, “It’s a great homecoming for me at IIFL Wealth. Having worked with IIFL Wealth in the past, I quite understood the needs of wealthy clients and IIFL’s systems and the importance of a dynamic client portfolio analytics software for a wealth management company. Altiore offerings can be readily adapted and used by sales team and clients with relative ease.”