Asian Private Banker, Jan 25, 2019
Sanctum Wealth Management has announced it is cutting the ribbon on a new branch in Ahmedabad — subject to regulatory approval — as part of its continued efforts to capture market share by establishing footholds in strategic domestic locations.
“Ahmedabad is an important economic and industrial hub in Gujarat, and since our strategy is to create a physical presence in a small number of carefully selected locations with concentrations of business and wealth, it represents a logical fit for us,” Shiv Gupta, CEO of Sanctum WM, told Asian Private Banker.
“Gujarat is one of the leading industrialised states in India and has long been known as a hotbed for entrepreneurial talent. This has, over time, resulted in considerable wealth creation across several cities in it.”
The Ahmedabad branch is the fruition of several quarters’ worth of intense “client franchise-building efforts” in the city, according to Gupta, who expects the new premises to facilitate deeper client engagement and serve as a hub to support high net worth and ultra high net worth clients across other cities important to the wealth manager — including Surat, Vadodara, and Rajkot.
“Looking ahead, we do have a few more cities in mind which could serve as branch locations,” Gupta said. “As our client base in these cities grows, and subject to finding the right people, we will look to establish a physical presence there too.”
In its product and service offerings, Sanctum seeks to customise diversified wealth management solutions for its clients across investments, estate planning, real estate, and corporate advisory — areas in which the wealth manager sees opportunities against the backdrop of structural, regulatory, and industry influences in the country.
“We are seeing continued growth in long-only mutual fund assets alongside dramatic growth in alternative investments,” Gupta said. “Changes in real estate driven by the Real Estate Regulatory Authority (RERA), etc. have resulted in a considerable upheaval in the entire asset class, where our clients need our help in navigating their way through the current turbulence.”
As it begins to set its sights across the seas, Sanctum WM aims to develop its business connections with Singapore and Dubai — markets it previously earmarked for offshore growth.
“We are also closely watching regulatory changes underway in both Singapore and India which could affect the manner of facilitation of inbound investments,” said Gupta. “The upcoming changes could provide interesting new options and would determine further plans for physical expansion in these regions.”
Since its establishment in April 2016, achieved through the management buyout of RBS’s private banking arm in India, Sanctum has added Kolkata to its existing branch network of Mumbai, Delhi, Bengaluru, and Chennai. The wealth manager has also grown its headcount from 55 to 100, in tandem with its accumulation of around Rs 6,500 crore in client assets.