India: PAG to rope in financial services veteran Pankaj Razdan to lead Edelweiss Wealth

Photo: Reuters

Asia-focused investment firm PAG is hiring Pankaj Razdan, former deputy chief executive of Aditya Birla Capital, to lead its biggest buyout in India – Edelweiss Wealth Management (EWM), where it recently picked up a 61.5% stake for Rs2,366 crore, said a person aware of the development.

Razdan is the frontrunner to join as vice chairman and managing director of EWM, the person added.

“Pankaj Razdan will be at the forefront of PAG’s strategic initiatives. He would be working closely with CEO Nitin Jain, who will continue to drive business operations. The announcement is likely to be made this week,” he said.

Razdan, an engineer by qualification, oversaw multiple businesses at Aditya Birla Capital such as asset management, offshore, distribution, broking and wealth management. Prior to Aditya Birla Capital, he was MD and CEO at ICICI Prudential Asset Management.

EWM reported a revenue of Rs880 crore and a profit of Rs180 crore for nine month period of FY21. The wealth manager’s customer assets under advice stand at around Rs1.45 trillion, growing at a compounded annual growth rate (CAGR) 43% from Rs185 billion in 2015.

The PAG transaction involved a primary capital infusion of around Rs450 crore into EWM.

“The net worth of the company will go up to ₹1600 crore from ₹1200 crore. The capital infusion will largely be used towards enhancing our margin financing and ESOP financing products catering to our private banking clients,” said WM chief executive Nitin Jain, in an interaction with Mint on 27 March.

The wealth manager will also seek inorganic opportunities to grow its business going ahead,

“We continue to look for inorganic growth opportunities in the Wealth Management space and think that there are quite a few options available in the market. Selectively we are also looking at the FinTech space, but that is more from a point of enhancing capabilities,” Jain added.

This article was first published on livemint.com

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.