BEST WEALTH MANAGER – INDIA DOMESTIC
IIFL INVESTMENT MANAGERS
A number of large-scale government-backed reforms, coupled with unprecedented economic growth in India in 2016 and 2017, created the perfect storm for domestic wealth managers keen to harness a largely untapped HNWI market. Indeed, India is home to an estimated US$797.5 billion in high net worth wealth, yet only 12.9% of this total is managed by wealth managers and private banks.
IIFL Investment Managers’ wealth management arm has been quick to seize this opportunity, already servicing 10,000 families across its 23 offices in the country with its deep shelf of innovative and inhouse products and wealth structuring services.
In 2017, the domestic wealth manager was able to benefit from its newly launched advisory offering and from the 21.6% stake picked up by private equity firm General Atlantic. In point of fact, IIFL Investment Managers excelled across a number of key metrics; total AUM jumped to just around US$22 billion, marking a CAGR increase of 40% and both revenue and profit before tax have grown at a CAGR of 45% and 47% respectively since 2012.
IIFL Investment Managers also poured resources into refining and upgrading its technology platforms. In 2017, it rolled out a dossier of digital tools for its clients and its relationship managers such as video statements powered by artificial intelligence and agile workflows for client account opening and documentation.
In an industry known for its challenges in the field of human resources, IIFL Investment Managers continues to add to its frontline, housing the highest number of relationship managers for its wealth arm in the country. Its unique employee ownership model, whereby employees are offered a stake in the firm, is a key differentiator among its local and foreign competitors, engendering low employee attrition rates.
For the second consecutive year, IIFL Investment Managers is Asian Private Banker’s Best Wealth Manager – India Domestic for 2017.
“For about a decade, we have built our institution on the principles of simplicity, transparency and client-centricity. What sets us apart is our broad array of products, robust risk-management systems, simple fee structure and a key differentiator – our innovative offerings. In such a short time we have emerged as the leading wealth management company servicing 10,000 families with assets under management and advice of around US$22 bn.
Employee ownership is among our key differentiators and we foster an entrepreneurship mindset among our employees. We are a company where ‘owners work and workers own’. We possibly have the youngest team and yet possess one of the highest work experiences. This helps us manage the delicate balance between the investments required to build our platform as well as correctly align incentives of the employees. Our attrition rate remains the lowest in the industry.
We realise that no two clients are the same. The strategy for each investor differs based on the client’s risk-taking ability and existing asset allocation. Technology is causing disruptions in every industry and wealth management will be no different. The human touch point and value proposition still dominate our industry. We harness technology for all our internal applications to achieve faster client mapping and introduce client-specific products.”
The ‘Excellence’ award is handed out on merit alone. It recognises an institution with private banking facilities that has demonstrated industry-leading and quality business growth, a strong sense of value proposition, fiduciary responsibility and a willingness to innovate.
ONE TO WATCH
The ‘One To Watch’ award is handed out on merit alone. It recognises an institution with private banking facilities that has not only demonstrated strong performance over the past year but, fundamentally, the potential to become a market leader in due course. The ‘One To Watch’ accolade is selected by Asian Private Banker‘s bureau of journalists.