Choice International adds ₹635 Crore AUM, Expands aggressively in Wealth Management via multiple acquisitions

Choice International Limited (BSE: 531358 | NSE: CHOICEIN), one of India's leading diversified financial services groups, has announced a series of strategic acquisitions marking a significant leap in its journey to scale and strengthen its wealth management business.

Through its subsidiaries, the company has entered into definitive agreements to acquire the distribution business of the Fintoo Group, which includes the distribution of Wealth Products, Insurance Products, Alternative Investment Funds (AIFs), and Portfolio Management Services (PMS) currently operated under Mihika Financial Services Private Limited and Mihika Insurance Marketing Firm LLP.

This acquisition will contribute an incremental AUM of approximately ₹300 crores to Choice's wealth management business. Additionally, the company has acquired Fintoo's insurance distribution business, encompassing its client portfolio, team, IT systems, and supporting infrastructure.

Further strengthening its distribution footprint, Choice has also acquired the distribution business of Glory Prime Wealth Private Limited, a Pune-based wealth products distributor managing an AUM of ₹210 crores. This acquisition enhances Choice's presence in Western India and broadens its client base among affluent and emerging affluent investors.

The company has also formed a strategic business association with four mutual fund distributors based in Himachal Pradesh, under which they have merged their wealth management business with Choice, contributing an additional AUM of ₹125 crores.

Expanding Horizons in Wealth Management

These strategic initiatives collectively underscore Choice's accelerated expansion in the wealth and investment management space. The company is focused on building a tech-driven, multi-channel wealth platform, integrating Fintoo and Glory Prime's strong distribution network to deliver comprehensive, personalized, and scalable investment solutions.

Mr. Arun Poddar, Group CEO, Choice International Limited, commented: "This investment aligns perfectly with our strategy of expanding Choice's presence across the wealth and investment management value chain. Fintoo's digital-first approach and strong client base, coupled with the robust distribution franchise of Glory Prime, will accelerate our plans to build a scalable, integrated platform that delivers superior value and convenience to investors. We continue to explore more such synergistic opportunities to strengthen our leadership in the wealth management space."

Shares of CHOICE INTERNATIONAL LTD. was last trading in BSE at Rs. 819.90 as compared to the previous close of Rs. 819.25. The total number of shares traded during the day was 7577 in over 411 trades.

The stock hit an intraday high of Rs. 830.00 and intraday low of 817.50. The net turnover during the day was Rs. 6235684.00.

Source : Equity Bulls

Keywords

CHOICEINTERNATIONAL INE102B01014 NBFC AUM WealthManagement Acquisitions