New Delhi, Feb. 17 -- Choice International Ltd said Monday its full-service brokerage arm Choice Equity Broking Pvt. Ltd has agreed to acquire wealth management firm Arete Capital Services Pvt. Ltd for Rs 36 crore ($4.15 million).
The acquisition of Arete, which has assets under management of Rs 5,151 crore, will strengthen Choice Broking's position in the wealth management and investment advisory space, Choice International said in a statement. It will also enhance the unit's ability to serve high-net-worth individuals and institutional clients.
The acquisition will increase Choice Broking's total wealth management AUM from Rs 1,090 crore to Rs 6,241 crore, the company said.
Published by HT Digital Content Services with permission from VC Circle.