Global Investment firm The Xander Group, Inc has invested Rs 78 crore in Sanctum Wealth, a Mumbai-headquartered wealth management company.
The investment will be made through Xander's Singapore-based financial services arm and the funds will be used to strengthen Sanctum's operating platform and increase its client coverage, Sanctum said in a statement on Monday.
"Our partnership with the Xander Group, with whom we share our core values and see many synergies, should allow us to accelerate our growth and further strengthen our platform," Shiv Gupta, CEO at Sanctum, said.
Sanctum Wealth commenced business in April 2016 through the acquisition of the Royal Bank of Scotland's Indian private banking business. It manages more than Rs 16,000 crore for more than 1,100 high-net-worth families in India and abroad.
It provides a range of wealth management services to high net-worth individuals in India and abroad. These include the full spectrum of investment services, estate planning solutions, real estate services and private market solutions.
"We are big believers in the structural opportunities being created in the Indian financial services space by a young, upwardly mobile, and entrepreneurial population, against the backdrop of deepening reforms and positive regulatory change. This will result in exponential growth in wealth advisory and management over the next decade," Sid Yog, Founder of The Xander Group, said.
Zanskar Advisors was the investment bankers for the transaction.
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