IIFL Wealth today announced the acquisition of Altiore Advisors, 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 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 and helps them take informed decisions. Altiore Capital had Rs.5000 crore of assets under its tracking as on August end.
In a press release, Karan Bhagat, Founder, CEO & MD, IIFL Wealth 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, “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.”