New Delhi, Nov. 27 -- Equirus Group, a Mumbai-based financial services firm, has appointed former ASK Group senior vice president Manishkumar Jain as chief executive officer of Equirus Finance, its newly launched non-banking finance company (NBFC).

The appointment comes shortly after the group received approval from the Reserve Bank of India (RBI) to establish the NBFC. Jain brings over two decades of experience across ASK Group, Nuvama, Anand Rathi Global Finance, and Deloitte. His areas of expertise include capital market lending, treasury management, structured credit, and NBFC leadership, Equirus said in a press note.

In the new role, Jain will focus on building a diversified lending franchise, while offering bespoke funding solutions to high-net-worth individuals (HNIs), family offices, and promoters, it said.

Equirus Finance will complement the group's wealth management offerings, providing lending products such as loans against securities, ESOP financing, market-linked debentures (MLDs), structured finance, and other customized secured lending solutions. The company is targeting a Rs 3,000 crore high-quality loan book over the next few years.

Equirus Capital is the holding company for the group. Equirus Capital last year raised Rs 125 crore ($14.9 million) from private equity firm Amicus Capital and other investors.

Its subsidiary Equirus Securities runs the institutional broking business, while Equirus Wealth houses the wealth and portfolio management business. The group also offers insurance broking services.

The investment banking vertical, launched in 2011, focuses on mid-market initial public offerings (IPOs) and qualified institutional placements (QIPs). It has recently seen increased activity in private placements and block deals.

Earlier this year, the group acquired Credence Family Office for around Rs 100 crore as part of its strategy to strengthen its wealth management business and diversify its revenue mix.

Equirus Wealth's assets under management jumped to Rs 9,970 crore as of March 31, 2025, from Rs 6,785 crore a year ago. Its pro-forma provisional AUM stood at Rs 20,000 crore as of June 30, 2025, factoring in the Credence acquisition, VCCircle has gathered.

Published by HT Digital Content Services with permission from VC Circle.