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IIFL acquires L&T Finance’s wealth management arm

IIFL Wealth Group has announced its intention to purchase L&T Capital Markets Limited (LTCM), the wholly-owned wealth management arm of L&T Finance Holdings. Subject to regulatory approvals, the acquisition would boost IIFL Wealth Management’s AUM by Rs 24,000 crores and drive up front-office headcount by some 120 relationship managers, who will report to LTCM CEO Manoj Shenoy. “We are pleased to…

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