Mumbai, Apr 20, 2016
RBS and Sanctum Wealth Management Announce Closing of Deal
Royal Bank of Scotland (RBS) and Sanctum Wealth Management (Sanctum) today announced the closing of the deal, signed on 24 September, 2015, to transfer RBS’ Private Banking business to Sanctum, thus marking the launch of Sanctum Wealth Management in India.
Sanctum has acquired all the necessary licenses & approvals and has successfully managed the migration of the business, including clients and people, from RBS Private Banking to Sanctum.
Paul Horner, CEO Coutts & Co Ltd said, “We are pleased to confirm the successful conclusion of this transaction. We wish Shiv and the Sanctum Wealth Management Board all the best as they continue building a solid wealth management business in India.“
Shiv Gupta, Founder and CEO, Sanctum Wealth Management shared, “We are delighted to commence our operations and as we embark on this exciting journey, we would like to thank our clients for the faith they have demonstrated in us whilst taking the journey from RBS Private Banking to Sanctum Wealth Management. We are confident that the investments we are making to build new capabilities across our platform, people and technology will serve to maintain and exceed the breadth and depth of service that they have been used to.”
He added, “Whilst we are delighted to be at this point, we have much work ahead of us, to constantly improve and innovate for our clients, and I can safely say that all members of our team are geared up and raring to go.”
Rory Tapner, Chairman Sanctum Wealth Management said, “India is poised at a juncture where macroeconomic and industry factors indicate tremendous potential for growth in the wealth management sector. Sanctum Wealth promises a superior experience for clients by using a contemporary technology and services platform and world-class business management practices coupled with deep knowledge of the Indian market and the unique needs of Indian clients.”
Sanctum Wealth Management will offer investment services across a range of financial products, equities, fixed income, mutual funds and alternative investments. They will also provide portfolio management services, wealth planning, and a comprehensive range of real estate solutions covering both liquid and physical real estate instruments.
The company will operate out of 4 branches located in Bangalore, Mumbai, Delhi and Chennai; and will be led by an experienced management team, headed by Shiv Gupta and including Anila Ahuja, Puneet Periwal, Prateek Pant, Ranjit Menon, Neeraj Sirur and Caroline Kulkarni.
About Sanctum Wealth Management
Sanctum Wealth Management Private Limited (Sanctum) is an Indian wealth management firm, created through the transfer of RBS’ India Private Banking business. The company offers a range of bespoke products and services to HNW & UHNW clients. Its key offerings include investment solutions, real estate services and wealth planning.