Ropes in Deepak Varghese from Credit Suisse to spearhead operation
IIFL Wealth & Asset Management, (NSE: IIFLWAM) one of the leading wealth management companies in India, expanded its reach to Kerala by opening its first office in Kochi earlier today. Kerala as a state has always experienced a high savings ratio and wealth channelized into bank deposits and physical assets. In line with its endeavor of expanding its reach within the state, the firm had earlier roped in Deepak Varghese from Credit Suisse to spearhead its business in Kerala.
The financial services industry is witnessing an increasing complexity of customer demands with clients seeking wealth management solutions as they look beyond traditional savings to market based solutions and are willing to consider an asset allocation approach.
On this occasion, Shaji Kumar Devakar, Managing Partner, IIFL Wealth, said, “Kerala is home to over a dozen billionaires. A number of wealthy individuals from Kerala have created their wealth outside the country. Our office Dubai and other international offices have been servicing them over the last few years. With the number of domestic wealthy individuals growing at a faster clip in Kerala, the time has come for us to formally establish our presence in the southern state.”
With increasing market volatility clients are essentially looking at sustainable, profitable and predictable growth of their assets and therefore have begun to understand the value of trusted advisors, who will sit on their side rather than being transactional in their engagement. This change in mind-set, has been the growth driver for increasing demand for advice-based processes in managing investments and families have started engaging in broader solutions which also encompass estate planning and lending solutions.
Deepak Varghese, Principal, IIFL Wealth, said, “We are extremely pleased to be opening our office in Kochi. We will be servicing different parts of Kerala including, Trichur, Kollam, Thiruvananthapuram, Kottayam and Kozhikode. As a firm we are entrepreneurial, agile and have redefined client engagement – with our advisory-based approach, which will help us serve the needs of wealthy individuals here.”
Headquartered in Mumbai, IIFL Wealth & Asset Management, which listed on the bourses in September this year, already has presence in 6 international locations and 22 offices.