Asian private equity behemoth PAG is considering its options for its majority holding in Nuvama Wealth Management Ltd., which could put the stage in place for a dramatic shakeout in India's wealth management space. The $1.2 billion stake constitutes more than 54% of the Mumbai-listed firm.
PAG is engaged with financial advisors to carry out a strategic review, which could result in the partial or full disposal of its holding. The decision follows less than two years since the listing of Nuvama following a demerger from Edelweiss Financial Services.
The possible sale represents PAG's approach of making returns on investments, as it bought the holding in 2021 for $325 million. Nuvama has grown greatly since then and has now taken its operations to Dubai and Singapore to capitalize on the wealth of the Indian diaspora.
The move could evoke interest from local and overseas players seeking a piece of the burgeoning wealth management sector in India.
Source: Bloomberg News, February 26, 2025