Comments
Edelweiss Group’s Global Asset Management (GAM), one of the largest investment management platforms in India, is eyeing 20-25 per cent compounded annual growth (CAGR) in its private debt business over the next few years, a top official said.
“We think we can further scale up our private debt business. We aspire to grow it at a compounded rate of 20-25 per cent over the next few years,” Nitin Jain, President & CEO, Global Asset Management, Edelweiss Financial Services, told BusinessLine in an interview here.
As of end-March, Edelweiss’ private debt book had touched ₹50,000 crore (about $8 billion), a stupendous growth given that this business had taken off only from 2010.
Jain also said that $175 million had already been deployed in private debt from its Edelweiss Special Opportunities Fund II (ESOF II), which was launched in 2015 and its final close was six months ago. About $350 million was raised and investors had also committed $90 million toward co-investment, Jain added. ESOF II essentially invests in privately negotiated collateralised credit transactions.
Mutual fund businessAs for the mutual fund business, Jain said the aspiration was to become a “major player” in the coming years. “We are still young. We want to create differentiated products and more efficient low-cost products. We have to find our own niche. You will see us coming up with more differentiated products in the next six months itself,” Jain said.
From a tiny size of about ₹500 crore in assets under management (AUM) in January 2015, Edelweiss’ mutual fund business has grown to about ₹10,000 crore now, thanks in part to its acquisition of JP Morgan’s India mutual fund business (that brought in AUM of about ₹7,000 crore).
Wealth managementOn wealth management, Jain said the aim was to grow at a CAGR of 30-35 per cent for the next few years.
“We are focused on looking at new generation entrepreneurs. We are not going as much for old money. We are also looking at CIOs/CXOs with large ESOPs,” Jain added. As on date, nearly $10 billion worth of assets are managed under its wealth management business.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.