Angel One Wealth Bets On Emerging HNI Growth In India
Srikanth Subramanian, Co-Founder & CEO, Angel One Wealth
FinTech BizNews Service
Mumbai, July 31, 2024: Angel One Wealth Limited (AOW) is redefining wealth management for India’s affluent HNI and UHNI clientele through a synergy of domain expertise and innovative tech application. Strategically backed by Angel One, AOW is developing an omnichannel wealth-tech platform comprising three integrated business verticals – HNI, UHNI and Alternate Assets. This platform merges sophisticated investment strategies with seamless service delivery by a team of wealth managers, market strategists and technology specialists.
The landscape of wealth management is rapidly evolving, with a 16% CAGR of India's HNI population, projected to grow to 1.65 million by 2027, as per industry reports. AOW's strategy rests on three key pillars tailored to meet the unique needs of HNI and UHNI segments – comprehensive investment products across diverse asset classes, technology-driven accessibility for clients and support of relationship managers and top-tier talent equipped with deep market insights. By adopting this approach, AOW aims to overcome industry challenges such as barriers to innovation in investment strategies, high operational cost and higher fees using new-age tech infrastructure. The Rs 2.5 billion capital infused by Angel One will be strategically deployed to develop core technological infrastructure, leveraging AI and analytics, expand presence in key markets and develop curated, expert-led product strategies and suites.
Dinesh Thakkar, Chairman and Managing Director, Angel One Limited, said, "Through Angel One Wealth we aim to cater to an expansive spectrum of clients, by leveraging technology and stay at the forefront of innovation. The seasoned investment professionals’ team, led by Srikanth, brings strong domain knowledge enables us to capitalise on the evolving wealth landscape.”
Srikanth Subramanian, Managing Director & CEO, Angel One Wealth Limited, said, “We want to reimagine wealth management for India’s HNIs and UHNIs on the bedrock of deep domain expertise and the power of technology. We are happy to have the strategic backing of Angel One in this journey, leveraging their technological prowess. We are building an omni-channel solution that will enhance the value of a trusted wealth manager through digital infrastructure and new-age technology.”
Since the Rs 2.5 billion capital infusion, AOW has begun laying the groundwork for growth.
Key milestones include:
· To further leverage the 100 plus man-years of its in-house domain experience - An Advisory Council comprising of industry thought leaders to provide strategic guidance, a Think Tank with sector experts offering insights on macro trends and asset class positioning, a Product Approval Committee driving competitive edge and an Investment Committee overseeing investment policies and fund performance has been formed
· ~60-member team of wealth managers, investment professionals and tech experts
· 30% diversity and average age of 32yrs fostering an inclusive work culture.
· In-house fintech stack for wealth consolidation, analytics, portfolio governance and transaction execution, alongside an AI Innovation Lab to explore and implement new use cases.
