Choice International Limited , a leading diversified financial services group in India, has announced a series of strategic moves to significantly expand its wealth management operations. The company has executed multiple acquisitions and alliances, resulting in a substantial increase in its Assets Under Management (AUM).

Key Acquisitions and Alliances

Fintoo Group Acquisition

• Acquired Fintoo Group's distribution business
• Includes distribution of Wealth Products, Insurance Products, AIFs, and PMS
• Adds approximately ₹300.00 crore to Choice's AUM

Glory Prime Wealth Acquisition

• Acquired Glory Prime Wealth Private Limited, a Pune-based wealth products distributor
• Contributes ₹210.00 crore to Choice's AUM
• Enhances presence in Western India and broadens client base among affluent investors

Strategic Alliance with Mutual Fund Distributors

• Formed alliance with four mutual fund distributors in Himachal Pradesh
• Merged their wealth management business with Choice
• Adds ₹125.00 crore to Choice's AUM

Impact on Choice International's Wealth Management Division

These strategic moves have collectively increased Choice International's total AUM by ₹635.00 crore across its wealth management division.

Strategic Implications

Choice International is focusing on building a tech-driven, multi-channel wealth platform. The integration of Fintoo and Glory Prime's distribution networks is expected to enhance the company's ability to deliver comprehensive, personalized, and scalable investment solutions.

Mr. Arun Poddar, Group CEO of Choice International Limited, commented on the acquisitions: "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."

The company continues to explore synergistic opportunities to strengthen its leadership in the wealth management space, indicating potential for further expansion in the future.

About Choice International Limited

Choice International is a Mumbai-headquartered, diversified conglomerate with a decade-long presence in finance, engineering, and consulting domains. The Group holds key regulatory registrations and memberships with financial authorities including SEBI, RBI, IRDAI, NSE, BSE, MCX, NCDEX, and AMFI.

Key highlights of Choice International:

• Fully integrated financial services firm
• "Great Place to Work" certified
• Ranks among the top 20 brokers in India
• Serves over 14 lakh clients
• Operates 211 branch offices
• Network of more than 63,000 trained business associates

These strategic acquisitions and alliances underscore Choice International's commitment to expanding its footprint in the wealth management sector, leveraging technology and strategic partnerships to enhance its service offerings and market position.

Choice International Limited has announced a strategic move to expand its presence in the wealth management sector. The company has signed a Memorandum of Understanding (MoU) to acquire a majority stake in Fintoo Wealth Private Limited, a SEBI-registered Investment Advisory firm.

Key Details of the Acquisition

Additional Acquisitions by Subsidiaries

In a related development, Choice International's subsidiary companies have entered into definitive agreements to acquire the distribution business of the Fintoo Group. This acquisition is valued at up to INR 15 crores.

Fintoo Group's Distribution Business

The distribution business being acquired includes:

• Wealth products
• Insurance products
• Alternative Investment Funds (AIFs)
• Portfolio Management Services

These operations are currently conducted under Mihika Financial Services Private Limited and Mihika Insurance Marketing Firm LLP.

Strategic Implications

This series of acquisitions signifies Choice International's intent to strengthen its position in the wealth management and financial services sector. By acquiring both an advisory firm and a distribution business, the company aims to offer a more comprehensive suite of financial services to its clients.

The move is subject to regulatory approvals, particularly from SEBI, which will be crucial for the completion of the transactions. These acquisitions, once approved, could potentially enhance Choice International's market presence and service offerings in the competitive financial services landscape.