I have the the ETprime subscription, so basically they are trying to say that they are very bullish on the wealth management space as in India wealth is managed mostly based on tips from friends and family and that this will change so growth will be very strong. Also they share an important stat that 48% of customers are from urban cities and 52% from rural areas and they are experiencing higher growth in the rural segment as opposed to the notion that wealth management demand would be more in cities, it also talks about the business mix that is changing as previously wealth management had certain fixed products but nowadays personalisation is a key factor based on an Individual’s goals and thus it is very hard to standardize the product. In the end they conclude that though Nuvama is in a very high growth but it is also at an expensive valuation and also share one key thing that their competitors would be banks in the long run but since it is a space where the best fund manager gets the most capital so it is a place where the winner takes all kind of market i.e top 3 players would get majority share in it as it is asset light.
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