Prime Securities Ltd . (PSL), a SEBI registered Category I Merchant Banker, is expanding its reach within the financial services sector by entering the wealth management business through its wholly-owned subsidiary, Prime Trigen Wealth Ltd. (PTWL). This strategic move aims to tap into new growth opportunities with significant scalability potential.
PTWL has roped in industry veterans Mr. Sailesh Balachandran and Mr. Maneesh Kapoor as Executive Director, Founders and Joint-CEO, to take charge of its Wealth Management business. PTWL will initially launch in NCR, Mumbai, Bangalore, and Chennai, with plans to gradually expand its services to t he top Tier 1 and Tier 2 wealth destinations across the
country.
Sailesh Balachandran, with 24 years of experience in the Banking and Financial Services sector, was previously Managing Director and Head of South India at LGT Wealth India. His past roles have span ned across ICICI Securities Private Wealth and HSBC Bank.
Maneesh Kapoor brings over 24 years of experience in the Banking and Financial Services industry, having served as a Senior Managing Partner at InCred wealth and Business Head for North and East India at LGT Wealth, in his previous roles. His career also includes holding key leadership positions at ICICI Securities Private wealth and ICICI Bank Ltd.
Maneesh and Sailesh's extensive expertise and proven leadership abilities have consistently driven success and inn ovation in the industry. They have the experience of building and scaling business and capabilities across India, leading teams that included nearly 70 exceptional private bankers and over $1.5 billion of assets under management.
In a joint statement, Maneesh and Sailesh expressed their excitement about joining PTWL, "We are delighted to be part of the founding team of Prime Trigen Wealth. We keenly look forward to building a comprehensive, high-tech enabled and RM-led wealth management practice dedicated to serving the rapidly growing HNI, Ultra HNI and Family Offices across India. Prime's entrepreneurial spirit and agility provide the ideal environment for creating a robust wealth business. Furthermore, the synergy with Prime's full-service investment banking offerings will enable us to deliver unique and unparalleled solutions to our clients."
Akshay Gupta, Director of Prime Securities, added, "The Wealth Management business will complement our existing services and provide synergistic value to Prime Group's shareholders. Our clients, both current and new, will benefit from Prime's decades of expertise in investment banking and corporate and family office advisory, allowing us to offer bespoke solutions in an increasingly crowded wealth management market."
Prime Securities is a well-respected name in business, corporate, and family business circles, having collaborated with some of India's most prominent industry leaders as well as new-age entrepreneurs and businesses. The rise of Gen-AI, along with the emergence of wealthy newage businesses and the growing segments of High Net Worth Individuals (HNI) and Ultra High Net Worth Individuals (Ultra HNI), highlights the significant wealth creation occurring in the country. With its extensive capabilities, robust network, and established credentials, Prime Securities recognizes the increasing demand for professional services tailored to India's wealthy clients and is strategically positioned to capitalize on this market opportunity.
Shares of Prime Securities Limited was last trading in BSE at Rs. 271.50 as compared to the previous close of Rs. 273.35. The total number of shares traded during the day was 4014 in over 130 trades.
The stock hit an intraday high of Rs. 275.00 and intraday low of 268.30. The net turnover during the day was Rs. 1090611.00. |
