Vikas,
360 one and Nuvama wealth operate in a slightly different market. 360 one caters to UHNI while Nuvama is more tilted towards HNI. However, this is only half of the story – Nuvama also has an asset services business which has very high margins (Profit before tax margins of ~60%). This business has good cash generation which can be and is being used to expand relationship managers in both Nuvama wealth as well as Nuvama private. As the quality of RM improve at Nuvama they should be able to gain more assets. Finally, we should not ignore Nuvama Asset Management business – today it is not contributing to profits but as they build scale this will further sweeten their positioning as they can offer these capabilities to existing as well as new clients.
| Subscribe To Our Free Newsletter |
