<article>In a bid to strengthen its presence in the southern parts of India, <a href="http://dealstreetasia.com/tag/iifl-wealth" target="_blank" rel="noopener">IIFL Wealth Management Ltd</a> today announced the acquisition of Chennai-based Wealth Advisors India Pvt Ltd. </article>

In a bid to strengthen its presence in the southern parts of India, <a href="http://dealstreetasia.com/tag/iifl-wealth" target="_blank" rel="noopener">IIFL Wealth Management Ltd</a> today announced the acquisition of Chennai-based Wealth Advisors India Pvt Ltd. 
According to an official statement,  IIFL Wealth will conclude the transaction for a consideration of Rs 235 crore ($32 million) in cash and cash equivalents. The deal is subject to regulatory approvals.
The acquisition comes close on the heels of IIFL Wealth acquiring Bengaluru-based fintech company Altiore Advisors for Rs 9.2 crore. Following the deal, Altiore will become a wholly owned subsidiary of IIFLW.
&#8220;While most of our growth has been organic, we have always been open to align with the right partners in the business,&#8221; said Karan Bhagat, Founder, MD &amp; CEO, IIFL Wealth Management Ltd.
 &#8220;This deal brings us some top-quality talent by way of sales and non-sales teams and our combined effort will further strengthen our reach and offerings for the high net worth clients and ultra-high net worth clients,&#8221; he added.
Established in 2004, Wealth Advisors offers private wealth management, family office and investment advisory services with a strong presence in South India with assets under advice of approximately Rs 11,000 crore.
&#8220;This move gives us the opportunity to scale up and establish deeper client relationships with the added advantages of the IIFL Wealth platform,&#8221; Wealth Advisors co-founder Pramod Kumar said. &#8220;The acquisition will include all employees, including the research team, the sales team under Mr. Abhay Amrite, the operations and support team under Mr. Srikumar, and all the other staff of Wealth Advisors,&#8221; he added.
Equirus Capital was the sole advisor to Wealth Advisors on the transaction.
In June, IIFL Wealth had raised Rs 746 crore (about $110 million) from a clutch of investors including Hong Kong-based Ward Ferry and existing private equity backer General Atlantic.
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/iifl-arm-looks-to-raise-109m-from-institutional-investors-100120/" target="_blank" rel="noopener">IIFL arm looks to raise $109m from institutional investors</a>

The acquisition comes close on the heels of IIFL Wealth acquiring Bengaluru-based fintech company Altiore Advisors for Rs 9.2 crore.

IIFL Wealth Management acquires Chennai-based Wealth Advisors for $32m

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IIFL Wealth Management acquires Chennai-based Wealth Advisors for $32m

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