Angel One Ltd. announced a Rs 250 crore investment into its wealth management division, aiming to capitalise on the country's increasing affluence.
The investment will be used to enhance core technological infrastructure by leveraging artificial intelligence and analytics, expand the company's presence in key markets, and refine product strategies, according to an official statement on Wednesday.
Angel One Wealth operates across three business verticals: High Net-Worth Individuals, Ultra High Net-Worth Individuals and alternative assets.
"Through Angel One Wealth we aim to cater to an expansive spectrum of clients, by leveraging technology and staying at the forefront of innovation," Chairman and Managing Director Dinesh Thakkar said.
It can be noted that some of its peers, including IIFL, already have successful wealth management arms.
The Angel One statement said there has been a rapid increase in the HNI population in the country, and is pegged to grow 16% every year to 16.5 lakh by 2027.
The company will offer investment products across asset classes, technology-driven accessibility for clients and support of relationship managers to the clients.
The statement said it has put in place a 60-member team of wealth managers, with an average age of 32 years.
It has also put in place an advisory council, a think tank, a product approval committee and an investment committee.
(With inputs from PTI).
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