Singapore-based The Xander Group pumps in Rs 78 crore in Mumbai's Sanctum Wealth

Global Investment firm 'The Xander Group' has invested Rs 78 crore in Sanctum Wealth, a Mumbai-headquartered wealth management company, which oversees more than Rs 16,000 crore in high-net-worth client assets and operates across six major cities in India.  

The investment will be made through Xander’s Singapore-based financial services arm and the funds will be used to strengthen Sanctum’s operating platform and increase its client coverage.

Sanctum Wealth commenced business in April 2016 through the acquisition of the Royal Bank of Scotland’s Indian private banking business. It provides a range of wealth management services to high net-worth individuals in India and abroad. These include the full spectrum of investment services, estate planning solutions, real estate services and private market solutions.

Shiv Gupta, CEO at Sanctum, said: “Over the past five years we have created a world-class platform with a strong customer-centric culture. Having invested heavily in building a strong foundation, we are seeing robust growth in our customer franchise, which we expect to continue. Our partnership with The Xander Group, with whom we share our core values and see many synergies, should allow us to accelerate our growth and further strengthen our platform.”

“The Indian wealth management sector represents a huge structural opportunity, and we look forward to working with Xander and our existing investors, which includes Multiples Alternative Asset management, to take our franchise to the next level in scope and scale.”

Sid Yog, Founder of The Xander Group, said, “We are big believers in the structural opportunities being created in the Indian financial services space by a young, upwardly mobile, and entrepreneurial population, against the backdrop of deepening reforms and positive regulatory change. This will result in exponential growth in wealth advisory and management over the next decade.”

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“We admire what Shiv and his team have built at Sanctum, demonstrating keen entrepreneurial hunger and alignment of interests with shareholders, attributes we believe are critical to succeed in this sector but are not easy to find together. We are thus very pleased to make this investment and look forward to helping Shiv and the Sanctum team achieve their next phase growth goals rapidly,” he added.

Zanskar Advisors were the investment bankers for the transaction.