Karvy Private Wealth Acquires Startup Financial Firm

Vanessa Doctor

3 February 2011

India-based Karvy Group's wealth management arm, Karvy Private Wealth, has announced the acquisition of the wealth management business of iTrust Financial Advisors for an undisclosed amount.

"With the income of Indian families rising at a fast pace, there is a great need for financial planning and management of one's financial affairs. ITrust's clients will now benefit from Karvy's suite of products and stock broking platforms," Dhruv Agarwala, co-founder of iTrust, said in a statement.

The takevoer is expected to turn Karvy into one of the largest non-banking wealth management companies in India. ITrust, which is based in Gurgaon, presently has around 160 employees and is one of the biggest branded tax preparation and filing operations for salaried individuals in the country. It has operations in Delhi/NCR, Bangalore, and Hyderabad.