IIFL Wealth to acquire L&T Capital Markets from L&T Finance Holdings.

IIFL Wealth, the wealth management business of IIFL group, agreed to acquire L&T Capital Markets, wealth management services firm from L&T Finance Holdings, a financial holding company. Financial terms were not disclosed. IIFL Wealth expects the acquisition to further strengthen its platform for serving high net-worth and ultra-high-worth families. “This team brings product innovation, geographical spread, and client assets of more than INR240bn ($3.3bn). While most of our growth over the years has been organic, we have also successfully aligned with the right partners in the business in the past. Going forward, our combined effort will further strengthen our reach and offerings for the high net worth and ultra-high net worth clients across India,” Karan Bhagat, Founder, MD & CEO, IIFL Wealth Management.