Temasek-backed Fullerton Securities & Wealth Advisors, which is based in India, has acquired the wealth management division of Pioneer Investcorp, which includes financial advisory and wealth management services in its offering.

Under the terms of the deal, the 200-member wealth management division of Pioneer - also based in India - will be merged into Fullerton securities, media reports said. Reports did not disclose the terms or price of the transaction.

Sandip Raichura, who was heading Pinc's wealth management division, had left the firm after the closure to set up Castanae Wealth Management.

Fullerton Securities is a subsidiary of Fullerton Financial Holding, a Singapore-based financial holding company involved in investment and wealth management.