Wealth First Portfolio Managers Ltd has acquired a 51% stake in Mumbai-based Wealth First Advisors Pvt. Ltd. (WFAPL) at an equity valuation of ₹102.15 crore, with a five-year target of more than doubling its assets under management (AUM) to around ₹20,000 crore.
Ahmedabad-based Wealth First, India’s first listed independent financial advisor (IFA) practice, said the acquisition takes the combined AUM of the two firms to nearly ₹9,000 crore.
National expansion
The acquisition marks a significant step in Wealth First’s transformation from a western India-focused practice into a national financial services institution.
Under the agreement, Wealth First will initially acquire a 51% stake in WFAPL through a combination of internal accruals and a share swap, with the remaining stake to be acquired at a later stage.
Growth roadmap
“The acquisition of WFAPL significantly expands our advisory and distribution franchise. Earlier this year, we entered asset management through the sponsorship of Lakshya Asset Management. Together, these initiatives are helping us build an integrated financial services platform,” Wealth First Portfolio Managers Founder & Managing Director Ashish Shah said.
The company said the acquisition also strengthens its presence in Maharashtra, which accounts for nearly 40% of India’s mutual fund industry, while supporting its strategy of combining organic growth with entrepreneurial partnerships.