The sponsorship and investment management of AIF category-II being managed by the wholly owned subsidiaries, namely IIFL Wealth Portfolio Managers limited, (Sponsor - IIFL Wealth Prime Limited) is being transferred to IIFL Management Services Limited (as Sponsor - IIFL Securities Limited), wholly owned subsidiary of IIFL Securities Limited, for a consideration of Rs. 35.46 lakh plus applicable taxes. The above transfer arrangement will be affected on or before June 1, 2021 and is subject to necessary filings / intimations to regulators / investors etc. The transferor and transferee entities are under the common promoters and the transfer is being done at arm's length basis, as per independent valuation certificate issued by Chartered Accountant and as approved by Audit Committee and Boards of respective companies.
Total AUM under these funds is currently 163 Crores held by 23 investors. The net management fees accrued by these funds is approximately 40 Lacs a year with an average residual fund life of less than 3 years. The net income from Investment Management of these AIF funds constitutes less than 0.025% of total consolidated income of IIFL Wealth Management Ltd. and its subsidiaries, based on Consolidated Unaudited Financial Results for 9 months ended December 31, 2020.
IIFLW's dedicated AMC subsidiary, namely IIFL Asset Management Ltd continues managing the Category II & III AIFs held under it. This also allows IIFL Wealth Management to work towards consolidating its entire AIF business gradually into a single entity IIFL Asset Management.
Shares of IIFL Wealth Management Limited was last trading in BSE at Rs. 1190.95 as compared to the previous close of Rs. 1152.05. The total number of shares traded during the day was 459 and the deliverable quantity was 312.
The stock hit an intraday high of Rs. 1214 and intraday low of Rs. 1125.