India’s Shriram Group and South Africa’s Sanlam Group on Thursday announced the launch of a wealth management joint venture firm, which aims to have \u20b950,000 crore in assets under advice over the next five years.<\/p>\n
Shriram Wealth, a 50:50 a joint venture between the two groups, is already operating in nine cities, and aims to soon expand to Nagpur and Coimbatore as well, as the company eyes India’s growing affluent and high net worth investor base.<\/p>\n
With a strong focus on expanding into tier-II and tier-III cities and catering to a broad base of investors, Shriram Wealth is looking to scale rapidly.<\/p>\n
Sanlam Group is focused on three core markets\u2014its home base South Africa, the broader African continent, and India, says Thian Fick, executive for India and Group Initiatives at Sanlam. He noted that with India\u2019s large population, strong demographics, and robust economic growth, the country\u2019s current 20% contribution to the group\u2019s business is set to grow significantly.<\/p>\n
Fick told\u00a0Mint that sluggish economic growth in South Africa has pushed the group to seek opportunities elsewhere. \u201cThat\u2019s where the strategy comes from\u2013focusing on Africa beyond South Africa, and India\u2013two markets where we believe our partnerships position us well for success,\u201d he said.<\/p>\n
\u201cSimply, the growth rates of India relative to South Africa will make this contribution grow way beyond the 20% over time.\u201d<\/p>\n
Vikas Satija, managing director and chief executive, Shriram Wealth, pointed out that high net worth individuals in the affluent segment are expanding at a compounded annual rate of 13-14%.<\/p>\n
When asked about the listing plans for Shriram Wealth, Satija said it is still early to discuss a timeline, but emphasized that the business is clearly built with a long-term vision.<\/p>\n
He added, \u201cEventually, yes, listing could be part of the plan. I don\u2019t want to put my neck out and say whether that\u2019s in 7, 10, or 20 years\u2014but at some stage one would want to. One goes to the market to raise capital and if you don\u2019t need capital, you may not go to the market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"India’s Shriram Group and South Africa’s Sanlam Group on Thursday announced the launch of a wealth management joint…\n","protected":false},"author":2,"featured_media":178723,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[51,21956,474,73667,2499,73665,2196,73666,16,15,17917],"class_list":{"0":"post-178722","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-coimbatore","10":"tag-finance","11":"tag-nagpur","12":"tag-personal-finance","13":"tag-shriram-wealth","14":"tag-south-africa","15":"tag-thian-fick","16":"tag-uk","17":"tag-united-kingdom","18":"tag-wealth-management"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114671164213684800","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/178722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=178722"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/178722\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/178723"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=178722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=178722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=178722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}