India’s burgeoning wealth management market saw one of its first acquisitions yesterday when First Global, a local stockbroker, acquired Way...

India’s burgeoning wealth management market saw one of its first acquisitions yesterday when First Global, a local stockbroker, acquired Way2Wealth Securities, a stockbroker and wealth manager. Terms of the deal were not disclosed. “W2W has built an enviable pan-Indian network. First Global’s considerable and well-recognised skills in securities research, trading, corporate finance, institutional broking and wealth/PMS management will be used to increase the throughput of W2W’s phenomenal network, and will create a financial services powerhouse,” said Shankar Sharma, director of First Global, in a statement. Based in Bangalore, the software capital of India, Way2Wealth has 55 branches, around 500 employees and around 70,000, mostly mass affluent, clients. First Global is one of India’s biggest stockbrokers with offices throughout the country as well as New York and London.