Nuvama Group

  1. Home
  2. Wiki
Nuvama Group[1]
Company typePublic
NSE: NUVAMA
BSE: 543988
ISININE531F01015
IndustryInvestment management
Founded1993
HeadquartersMumbai, Maharashtra, India
Number of locations
100+ offices[2]
Area served
  • India
  • Hong Kong
  • Singapore
  • UAE
  • United Kingdom
  • United States[3][4]
Key people
Ashish Kehair (MD & CEO)[5]
ServicesWealth management
Asset management
Asset services
Capital markets[6]
RevenueIncrease ₹2,901 crore (US$340 million) (FY2025)[7]
Increase ₹986 crore (US$120 million) (FY2025)[7]
AUMIncrease ₹4.6 trillion (US$54 billion) (June 2025)[2]
OwnerPAG (54.74%)[8]
Number of employees
3,400 (June 2025)[2]
RatingAA– (CRISIL)[9]
A1+ (ICRA)[10]
Websitenuvama.com

Nuvama Wealth Management Limited (d.b.a Nuvama Group),[11][10] is an Indian multinational wealth management company, based in Mumbai, India. Established in 1993, the company provides wealth management, asset management, asset services, and capital market services.[12][13]

As of June 2025, the company has assets under management worth ₹4.6 trillion (US$54 billion).[2] PAG, a multinational investment firm, has held a controlling stake in the company since 2021.[14][15]

History

[edit]

The company was established in August 1993 as Kayjay Financial Research Services Private Limited. In 1998, its name was changed to KJS Securities Private Limited and then to Rooshnil Securities Private Limited.[16][17]

In 2002, the company was acquired by the Edelweiss Group, and changed its name to Edelweiss Securities Limited in 2004. During the fiscal year 2009–10, it acquired Arum Investments Private Limited.[16][18]

In 2021, multinational investment firm PAG acquired a controlling stake in the company from Edelweiss Group and minority shareholders-Kora Management and Sanaka Capital.[19] In 2022, the company was renamed as Nuvama Wealth Management Limited, before being listed on the NSE and BSE on 26 September 2023.[20][21]

In 2024, Nuvama formed a 50:50 joint venture with Cushman & Wakefield to establish a real estate fund.[22][23][24] Later that year, Nuvama established a wholly-owned subsidiary based in Dubai International Finance Centre.[25][26]

Subsidiaries and services

[edit]

Nuvama is engaged in wealth management services through two divisions: Nuvama Wealth for HNIs and Nuvama Private for UHNIs.[27][17] In 2021, it established a wholly-owned subsidiary called Nuvama Asset Management, which provides alternative investment services through private and public markets, and commercial real estate assets.[28] The Nuvama Capital Markets division includes Nuvama Institutional Equities, which is engaged in equity research and broking business; Nuvama Investment Banking, which includes equity/debt capital markets, private equity, and M&A advisory services; and Nuvama Asset Services, which provides clearing, custody, fund accounting, and reporting services to financial institutions.[29][30]

References

[edit]
  1. ^ Chatterjee, Paramita (4 April 2024). "India: PAG-backed Nuvama Group in talks to raise $479m for crossover fund". DealStreetAsia. Retrieved 6 October 2025.
  2. ^ a b c d "Nuvama Investor Presentation Q1 FY26" (PDF). Nuvama. Retrieved 6 October 2025.
  3. ^ Singh, Preeti (6 August 2024). "Nuvama Targets Indian Wealth in Dubai, Singapore". Bloomberg. Retrieved 4 November 2025.
  4. ^ "India Wealth Managers: Tapping the uber-rich; Initiate coverage". Bernstein. Retrieved 4 November 2025.
  5. ^ Oberoi, Rahul (26 September 2023). "Wealth management in India will quadruple in the coming decade: Nuvama Group MD & CEO Ashish Kehair". Business Today. Retrieved 6 October 2025.
  6. ^ Bhalla, Aakriti (3 September 2025). "The Jane Street bug in Nuvama's money machine". The Ken. Retrieved 4 November 2025.
  7. ^ a b "Nuvama Annual Report FY 24-25" (PDF). Nuvama. Retrieved 6 October 2025.
  8. ^ Kalesh, Baiju; Baigorri, Manuel (25 February 2025). "PAG Is Said To Mull Sale Of $1.2 Billion Stake In India's Nuvama". Bloomberg. Retrieved 4 November 2025.
  9. ^ "Nuvama Wealth Management Limited Rating outlook revised to 'Positive'; Ratings Reaffirmed". CRISIL. Retrieved 6 October 2025.
  10. ^ a b "Nuvama Wealth Management Limited". ICRA. Retrieved 6 October 2025.
  11. ^ Singh, Preeti; Kalesh, Baiju (4 April 2024). "PAG-Backed Indian Asset Manager Eyes Mideast For $400 Million". Bloomberg. Retrieved 6 October 2025.
  12. ^ "Riding the Wealth Wave; Initiate with Buy on 360 ONE and Nuvama". Jefferies. Retrieved 4 November 2025.
  13. ^ Joshi, Manish (7 July 2025). "For Nuvama Wealth, Jane Street impact is more about sentiment than financials". Mint. Retrieved 4 November 2025.
  14. ^ Kalesh, Baiju; Baigorri, Manuel (8 September 2025). "PAG's Nuvama Stake Sale Is Said to Slow Down On Jane Street Case". Bloomberg. Retrieved 4 November 2025.
  15. ^ "PAG exploring options for majority stake in Nuvama". Private Banker International. 26 February 2025. Retrieved 4 November 2025.
  16. ^ a b "Nuvama Wealth Management Ltd". Arihant Capital. Retrieved 6 October 2025.
  17. ^ a b "Nuvama Wealth Management - First cut: In line results, Wealth outperforms Private in a QoQ reversal" (PDF). JM Financial. Retrieved 6 October 2025.
  18. ^ "Edelweiss Securities Limited" (PDF). Brickwork Ratings. Retrieved 6 October 2025.
  19. ^ Shah, Sneha; Barman, Arijit (28 August 2020). "PAG to acquire 51% in wealth management, investment banking biz of Edelweiss for Rs 2,244 cr". The Economic Times. Retrieved 6 October 2025.
  20. ^ Sreedhar, Vidya (12 April 2023). "Nuvama to demerge from Edelweiss Financial in June, co aims to triple client assets". The Economic Times. Retrieved 6 October 2025.
  21. ^ Ankit, Gohel (27 September 2023). "Nuvama becomes third wealth management company to list on stock exchanges". Mint. Retrieved 6 October 2025.
  22. ^ "Nuvama Asset Management, Cushman & Wakefield form JV to set up real estate fund". The Hindu. 10 January 2024. Retrieved 6 October 2025.
  23. ^ Babar, Kailash (22 January 2025). "Nuvama, Cushman and Wakefield JV raises Rs 1,700 cr through office fund first close". The Economic Times. Retrieved 6 October 2025.
  24. ^ Pandit, Shiladitya (25 September 2025). "Nuvama-Cushman fund buys out Keppel's Chennai office campus for Rs 2,550 crore". Moneycontrol. Retrieved 6 October 2025.
  25. ^ Reyes, Bianca (13 August 2024). "Nuvama Private launches Dubai branch to serve non-resident Indians". FinanceAsia. Retrieved 6 October 2025.
  26. ^ "Indian group Nuvama Private opens office in DIFC". Zawya. 7 August 2024. Retrieved 6 October 2025.
  27. ^ "Nuvama Wealth Management Ltd: Almost a perfect quarter" (PDF). Centrum. Retrieved 6 October 2025.
  28. ^ Paul, Sidhanth (28 October 2024). "Nuvama or 360 One: Who's Ahead in Wealth Management?". Capitalmind. Retrieved 6 October 2025.
  29. ^ "Nuvama Wealth: A diversified play in the wealth management space" (PDF). Motilal Oswal. Retrieved 6 October 2025.
  30. ^ Singh, Navdeep (7 July 2025). "Jane Street Exit: Why Nuvama could feel the heat while BSE stays largely unscathed". The Economic Times. Retrieved 4 November 2025.