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Multiples PE-backed wealth manager Sanctum gets another investor

thecapitalquest, Sep 27, 2021

Private investment firm The Xander Group, which is known for its real estate investments but has also backed several other companies in the past, said Monday it has invested Rs 78 crore ($10.6 million) in Sanctum Wealth.

Xander will make the investment through its Singapore-based financial services arm. Sanctum will use the funds to strengthen its operating platform and increase its client coverage.

The Mumbai-headquartered wealth management company oversees more than Rs 16,000 crore ($2.2 billion) in high-net-worth client assets and operates across six major cities in India.

Sanctum Wealth commenced business in April 2016 through the acquisition of the Royal Bank of Scotland’s Indian private banking business. Through its two legal entities and six regulatory licenses, it provides a range of wealth management services including investment services, estate planning solutions, real estate services and private market solutions.

It manages money for more than 1,100 high-net-worth families in India and abroad.

Three years ago, India-focused mid-market private equity firm Multiples Alternate Asset Management had invested Rs 73 crore ($11.2 million then) in Sanctum Wealth.

Shiv Gupta, CEO at Sanctum, said, “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, Inc., 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.”

Zanskar Advisors was the investment banker for the transaction.