The financial services firm Equirus Group will merge its family office business with the Credence Family Office, creating a $2.1 billion wealth management firm amid rising demand for investment products from high-net-worth individuals in India.
The combined entity, called Equirus-Credence Family Office, will have 180 billion rupees of assets under management, Equirus said in a statement Monday.
Equirus will invest a billion rupees in the venture—providing an exit to TIW Private Equity, an investor in Bengaluru-based Credence. The employees of Credence will become part of the Equirus.
Last week, wealth manager 360 One WAM said it would acquire one of India’s oldest brokers for 17.74 billion rupees ($203 million) to cater to rich clients. The number of individuals in the country with more than $30 million of assets is expected to grow by 50% between 2023 and 2028, according to a Knight Frank wealth report.
Equirus is backed by the family office of the late billionaire Rakesh Jhunjhunwala.