Mumbai, Apr 4, 2018
Indian private equity firm, Multiples is investing INR 73 crores in Sanctum Wealth Management, a Mumbai-headquartered wealth management company that operates across five major cities in India. The deal is subject to regulatory approvals. The funds will be used to strengthen Sanctum’s operating platform and to significantly increase Sanctum’s client coverage. Sudhir Variyar, Managing Director at Multiples, will join Sanctum’s board.
Sanctum commenced business in April 2016 through the acquisition of the Royal Bank of Scotland’s Indian private banking business. It provides a range of wealth management services to high net-worth individuals in India and abroad. These include the full spectrum of investment services, estate planning solutions, real estate services and capital market solutions for entrepreneurs. The company has recently initiated coverage of international clients with plans to set up offices in Singapore and Dubai, and is looking to expand its domestic presence.
Ms. Renuka Ramnath, MD and CEO at Multiples, said “We are delighted to be associated with Sanctum at a time when unprecedented growth in personal wealth is driving the need for professional wealth management services in India. In a short time, Sanctum has created a brand for itself as a customer-centric, agile and trustworthy platform. We are confident that Shiv and his management team have the right experience and ethos to create a long-lasting mark in this space.”
Mr. Shiv Gupta, CEO at Sanctum, said “Having set out with a vision of becoming the most trusted Indian wealth advisor, our aim is to create a robust yet agile operating platform that is so important to our clients in this fast-moving domestic economy. Over the past couple of years, we have seen significant progress towards this goal, having laid a very strong foundation in terms of our people and proposition. On the back of this, we are seeing tremendous business momentum and are delighted to partner with an institution of Multiples’ pedigree and experience as we evolve to the next level in scope and scale.”
Rory Tapner, Chairman of the Board at Sanctum, said “We are very pleased with the progress that the team has made, in a relatively short time, towards creating a world-class wealth management platform. We are equally pleased to welcome an institution of Multiples’ calibre into the stakeholder group, and Sudhir Variyar onto the board of Sanctum as we proceed to further strengthen the organisation.”
Zanskar Advisors were the investment bankers for the transaction.
About Multiples Alternate Asset Management Private Limited
Multiples Alternate Asset Management Private Limited (Multiples) is an India-focused investment advisory firm with close to USD one billion under management. With a portfolio of 18 companies across two funds, Multiples now has a strong track record of wealth creation in partnership with entrepreneurs and investors. For more information, please visit www.multiplesequity.com
About Sanctum Wealth Management Private Limited
Sanctum Wealth Management Private Limited is a wealth management firm which offers a range of bespoke investment products and solutions, to High Net-Worth & Ultra High Net-Worth clients. A subsidiary entity, Sanctum Wealth Advisors Private Limited, provides real estate and wealth planning services to clients.
Sanctum Wealth Management Private Limited is registered with SEBI as a Stock Broker (INZ000011338), a Trading Member of NSE (Reg. No 90072) and BSE (Reg. No. 6624), a Portfolio Manager (INP000005067), a Depository Participant (IN-DP-248-2016), a Research Analyst (INH000003051) and with AMFI as a Corporate Distributor of Mutual Funds (ARN-105768).