Godrej Industries Group on Tuesday announced the launch of its wealth management arm, Godrej Wealth, through its subsidiary Godrej Investments. The newly-launched company is targeting assets under management of Rs 1 lakh crore over the next five years by focusing on the affluent and the high-net-worth segments and expanding in 35 locations.
Godrej Wealth will operate alongside Godrej Capital, the group’s lending business, together forming the financial services arm of the Godrej Industries Group. Kunal Karnani has been appointed the chief executive officer of the wealth management arm.
“Wealth management will be a core long-term growth driver for our financial services business,” Pirojsha Godrej, chairperson designate of Godrej Industries Group, said. “I think financial services will at least be 10% of the total value of the group over the next few years, and we will continue to grow its share beyond that.”
He also said the group will infuse Rs 5,000-7,000 crore of capital into its financial services businesses to drive growth. As the “logical next step”, it is working towards building an asset management company.
The wealth management business will primarily cater to clients with investable assets of Rs 2 crore and above. It will focus on entrepreneurs, new-age wealth creators, multi-generational business families and non-residential Indians, among others. The company will offer solutions across wealth management, succession and legacy planning, private market access, global investment opportunities and portfolio structuring.
For Godrej Capital, Pirojsha expects the company’s assets under management to touch Rs 1 lakh crore by 2031.
