Raghav Gupta and Prakash Bulusu,
top Private Bankers – ex-Citi and ex-ASK Asset & Wealth Management
(Blackstone owned company) join as Joint CEOs – Wealth & Securities and
Amit Srivastava joins as Senior Managing Partner – Head Investments
Leading financial
services house IIFL Securities today announced three senior
management appointments to bolster its Wealth management platform / equities
broking business. IIFL Securities currently manages $23billion worth
of AUM (appx INR 1.9 lac crores). It has appointed career Private Bankers Mr.
Raghav Gupta and Mr. Prakash Bulusu as Joint
CEOs to manage and grow their HNI & UHNI wealth business and Mr.
Amit Srivastava as Senior Managing Partner to run Investments &
Product for the firm.
Mr. Raghav Gupta
and Mr. Prakash Bulusu were previously Senior Managing Partners at ASK Asset
and Wealth Management (majority owned by Blackstone, world’s largest Private
Equity Fund), managing North, South, East businesses in India and offshore
markets. Mr Amit Srivastava was helming the managed equity product platform,
asset allocation and portfolio analytics desk. He was also involved in managing
investments for key UHNI client relationships pan-India.
These three have
helped build the Wealth practice for ASK Asset & Wealth Management and have
been instrumental in taking it to great heights in eight years. The business
grew 6x in 8 years with more than 50% contribution to the overall firm. They
had joined ASK with significant equity ownership and it was later followed by
investment from global Private Equity players like Advent and Blackstone into
ASK. All three have worked in the financial services industry for over 25 years
and have been together in the Wealth Management space for two decades (across
Citi and ASK).
Commenting on
their appointment in a joint statement, Raghav, Prakash & Amit said,
“We are thrilled to join hands at IIFL Securities with the pioneers of the
Indian financial services industry, Mr. Nirmal Jain and Mr. R Venkataraman. We
are also excited to be a part of the transformational journey and leverage the
Institutional Equities expertise of Mr. Nemkumar, Managing Director of the
firm.
“Our endeavour
will be to grow and build brand ‘IIFL Securities’ into India’s leading Wealth,
Asset Management and Equities franchise. The strong Investment Banking and
research-focussed Institutional Equities platform of IIFL Securities led by Mr
Nemkumar coupled with our prior experience provides us a great opportunity to
utilise the synergy in creating a client-centric platform and bringing holistic
wealth management experience to clients.”
Commenting on the
appointment, Mr R Venkataraman, Co-Promoter, IIFL Group and Chairman,
IIFL Securities said, “I welcome Raghav, Prakash, and Amit to the IIFL
family. With the joining of these three veteran and accomplished Private
Bankers, the mandate is now to transform IIFL Securities and take it to the
next level.”
Wealth and asset
management industry in India has been evolving rapidly. As more and more
promoters, entrepreneurs and CXOs generate wealth, there is a dearth of quality
talent required to advise clients and help them manage their investments. Not
surprising, therefore, that the growth prospects of the industry has seen a lot
of interest from top global Private Equity players like Blackstone, KKR, Bain,
General Atlantic, PAG etc.
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