New Delhi, June 12 -- India's Shriram Group and South Africa's Sanlam Group on Thursday announced the launch of a wealth management joint venture firm, which aims to have Rs.50,000 crore in assets under advice over the next five years.

Shriram Wealth, a 50:50 a joint venture between the two groups, is already operating in nine cities, and aims to soon expand to Nagpur and Coimbatore as well, as the company eyes India's growing affluent and high net worth investor base.

With a strong focus on expanding into tier-II and tier-III cities and catering to a broad base of investors, Shriram Wealth is looking to scale rapidly.

Sanlam Group is focused on three core markets-its home base South Africa, the broader African continent, and India, sa...