Nuvama Wealth Management Expands into Dubai with New Subsidiary

On June 4, 2024, Nuvama Wealth Management Limited (formerly Edelweiss Securities Limited) established a wholly-owned subsidiary named Nuvama Wealth Management (DIFC) Limited in Dubai.

The target entity, Nuvama Wealth Management (DIFC) Limited (“Nuvama DIFC”), was incorporated on June 4, 2024, as a wholly owned subsidiary of the Company. It has an authorised capital of 10,00,000 shares, each valued at USD 1. The acquired entity, Nuvama DIFC, operates within the financial services industry. As a newly established company, it has not yet started its business operations, so there is no turnover to report.

Since Nuvama DIFC is a wholly owned subsidiary of the Company, the acquisition is considered a related party transaction. The promoter and promoter group have no interest in Nuvama DIFC beyond their shareholding in the Company.

Nuvama DIFC was established to create and operate a financial services company licensed to function within the DIFC. The main aim is to offer comprehensive wealth management solutions.

Details of Acquisition

The acquisition cost was covered entirely by the Company’s initial cash subscription. The Company has acquired 100% control, representing the total number of shares issued.

Financial Highlights

In their Q4 2024 results, Nuvama Wealth Management’s top line (revenue) saw a 64.59% year-over-year increase, while profit surged by 111.6%. Compared to the previous quarter, revenue grew by 10.84%, and profit rose by 2.51%.

About Nuvama Wealth Management (DIFC) Limited

Nuvama Wealth Management (DIFC) Limited, incorporated on June 4, 2024, aims to offer wealth management solutions to high-net-worth individuals (HNWIs), corporate entities, and family offices classified as Professional Clients. As a newly established entity, the company has no turnover history for the past three years. It is based in Dubai.

About Nuvama Wealth Management

Nuvama Group, formerly Edelweiss Wealth Management, leverages over 25 years of experience in the Indian market. The company operates in three main business segments. The Wealth Management segment includes Nuvama Private, which caters to Ultra-High-Net-Worth Clients and is one of the top two private players in this market, and Nuvama Wealth, which serves affluent High-Net-Worth Individuals. Additionally, the company is involved in Capital Management and Capital Market Services.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.