* IIFL Securities aims to achieve ₹ 600 crores Assets Under Advisory (AUA) in 12 months for RIA managed WealthBaskets on the WealthDesk platform
WealthDesk, India’s pioneering Investment Technology platform that enables equity and ETF portfolio based investing by consolidating the research, advisory, broking, asset & wealth management ecosystem, has partnered with IIFL Securities, one of India’s largest brokers with over 2.2 million retail investors, to offer a premium wealth management experience through curated WealthBasket stock and ETF portfolios from marquee Investment Advisory (RIA) firms such as Abakkus Asset Manager and Renaissance Investment Managers.
Having recently closed pre series A funding at $3.2 million, WealthDesk is backed by Mathew Cyriac, Founder of Florintree Advisors and Ex Blackstone Partner and co-head of India PE. WealthBasket is the flagship offering of WealthDesk. These are select investment portfolios, created and managed by leading SEBI Registered Professionals based on tenure, asset allocation, sector, theme, etc. These portfolios provide holistic Wealth Management on top of Equities & ETFs to retail investors.
Owing to this partnership, IIFL Securities’ customers will now be able to invest in curated investment portfolios by using their broking credentials for a seamless wealth management experience.
Nandkishore Purohit, Chief Digital Officer, IIFL Securities said, “As a part of our accelerated digital transformation journey and our strategy to offer IIFL Securities customers multiple investing opportunities, we have partnered with WealthDesk to offer single click investing in premium portfolios curated by marquee Investment Advisory (RIA) firms such as Abakkus Asset Manager LLP – founded by Sunil Singhania and Renaissance Investment managers founded by Pankaj Murarka for our customers. In our journey to create a holistic ecosystem for investment products, we are powering all fintech collaborations by IIFL Open APIs to ensure a seamless customer experience throughout. We have set a conservative target of ₹ 600 crores of Assets Under Advisory (AUA) in 12 months for RIA managed WealthBaskets on the WealthDesk platform and we are confident about achieving the same.”
Ujjwal Jain, Founder & CEO, WealthDesk said, “WealthDesk has always differentiated itself as a platform that, through its technology ecosystem, offers premium wealth management at a lower cost through curated stock and ETF WealthBasket portfolios on top of broking. IIFL Securities was keen to offer a premium investing experience to its investors and partnered with WealthDesk for its capabilities in the premium segment.”
Sunil Singhania, Founder, Abakkus Asset Manager LLP said, “We are excited to be the first to launch the Advisory services to 2.2 million customers of IIFL Securities powered by WealthDesk.”
Pankaj Murarka, Founder, Renaissance Investment Managers, added “We feel excited to be able to offer our curated advisory portfolios to IIFL Securities customers and partnering WealthDesk for technology solutions. WealthDesk offers a robust, new age digital platform for investors to seamlessly execute portfolio advice in single click. It’s a completely new experience for Indian Investors.”
About WealthDesk:
WealthDesk is an Investment Technology platform that enables portfolio-based investing on top of equities and ETFs consolidating advisory, broking, asset & wealth management ecosystem. Founded in 2016, WealthDesk is India’s pioneering B2B2C platform that captures the entire Investment/Asset Management/Advisory value chain from portfolio creation on top of Equities and ETFs, productizing these into investment products called WealthBaskets and then enabling large scale distribution through broking partners with strong network effects. WealthDesk is taking a platform play and through its partners, helping expand the investment product ecosystem beyond Mutual Funds and Portfolio Management Services which will drive the future of investing in India in capital markets.
About IIFL Securities:
IIFL Securities Ltd (NSE: IIFLSEC, BSE: 542773) is one of the key capital market players in the Indian financial services space. IIFL Securities along with its subsidiaries offers advisory and broking services, financial products distribution, institutional research and investment banking services. IIFL Securities has established itself through a combination of leading-edge technology, diverse product offerings, management expertise, and a wide network of branches across India. The Company has developed long-term relationships with its customers with sustained high-quality performance and continues to be their preferred investment partner.
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