Shriram Group, South Africa’s Sanlam Group Join Hands To Launch Shriram Wealth
Shriram Wealth will kick start operations in top 10 cities, with plans to expand to 20 cities by next year.
Shriram Group and South Africa’s Sanlam Group have announced the launch of Shriram Wealth, a 50:50 joint venture, which is targeting Rs 50,000 crore in assets under advice within five years, according to a press release.
Shriram Wealth will kick start operations in top 10 cities, with plans to expand to 20 cities by next year.
The venture also aims to tap into the vast potential of tier 2 and tier 3 markets and plans to onboard 500 wealth professionals over the next five years.
It aims to expand into three categories—mass, emerging and affluent—which will have clients in the range of Rs 10 lakh to Rs 2 crore, high-net worth individuals between Rs 2 crore to Rs 25 crore and ultra HNIs in Rs 25 crore and above bracket.
Shriram Wealth’s offerings will span into wealth management, lending, protection, global investment opportunities, and inheritance planning which will be backed by AI-enabled services.
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With this move, resident Indian clients will also have the opportunities to look at products outside India as Sanlam Group operates in 31 countries, Shriram Wealth’s Managing Director and Chief Executive Officer Vikas Satija said.
Satija also said that the company has hired professionals with at least 15-20 years of experience in the banking and non-banking lending space.
Shriram Wealth will also work closely with the group to seek opportunities for lending and offering product solutions within the group, he said.
The launch of Shriram Wealth is part of the Group’s overall recent diversification drive.
Recently, the group had also announced its foray into asset reconstruction, committing Rs 300 crore to set up a retail-focused ARC.
