- IIFL Capital Services opens Gujarat head office in Ahmedabad to deepen private-wealth management coverage
- Concord Biotech CMD Sudhir Vaid inaugurates office as firm targets the State’s expanding pool of entrepreneurs and affluent families
- IIFL Capital brings integrated wealth-management capabilities for HNIs, UHNIs and family wealth
- Jay Ahuja to spearhead Gujarat coverage with a five-member private-banking team
- Firm says its assets under management and custody exceed ₹2.6 lakh crore as wealth creation accelerates across India
R MANICKAVASAGAM
AHMEDABAD, SEPT 21
What happens when a financial institution takes its wealth-management proposition into a market where entrepreneurship, industrial expansion and private wealth are converging at speed?
That is the question behind IIFL Capital Services Ltd’s launch of its Gujarat head office in Ahmedabad, as the financial-services major seeks to deepen its private-wealth management coverage for High Net-worth Individuals (HNIs), Ultra High Net-worth Individuals (UHNIs), entrepreneurs and affluent families across the State.
The new office at Z2, Zydus Hospital Road, marks a strategic expansion of IIFL Capital’s wealth-management footprint in Gujarat, with Ahmedabad positioned as a key centre for serving the State’s growing wealth-creation ecosystem.
IIFL Capital currently says its assets under management and custody exceed ₹2.6 lakh crore, backed by three decades of capital-market experience, a nationwide network and a research platform comprising 49-plus ranked analysts.
The Ahmedabad office was inaugurated by Sudhir Vaid, Chairman and Managing Director, Concord Biotech Limited, in the presence of R. Venkataraman, Managing Director, IIFL Capital Services; Joint CEO Prakash Bulusu; and Jay Ahuja, Managing Partner and Gujarat State Head.
Gujarat’s wealth creation story comes into focus
The move comes as Gujarat’s industrial, entrepreneurial and financial landscape continues to create new pools of private wealth, with Ahmedabad, Vadodara, Surat and emerging business centres generating demand for sophisticated financial and wealth-management services.
For IIFL Capital, the opportunity extends beyond investment products. Its current wealth-management offering spans investment management, advisory, treasury and liquidity management, succession and estate planning, and tax advisory and planning.
The company’s proposition is increasingly centred on managing wealth across generations rather than merely executing market transactions.
Vaid, a prominent entrepreneur and philanthropist, said at the inauguration: “I wish IIFL Capital the very best for their Gujarat foray into private wealth management. I have known the group well and for the amazing work that the institution is doing in the country.”
His presence at the launch also underscored the growing intersection between Gujarat’s entrepreneurial community and the professionalisation of private wealth management.
‘A significant milestone’ for IIFL Capital
Prakash Bulusu, Joint CEO, IIFL Capital Services, described the Ahmedabad launch as an important step in the company’s wealth-management expansion.
“This is a significant milestone for IIFL Capital as we strengthen our position as the country’s leading wealth management firm,” Bulusu said.
“Our Ahmedabad office will offer clients the full breadth of our wealth management capabilities as their needs continue to evolve.”
The company’s current platform covers wealth-management solutions designed for HNI and UHNI clients, including investment management through PMS and AIFs, advisory and broader legacy-oriented services.
Jay Ahuja to lead Gujarat wealth coverage
The Gujarat franchise will be led by Jay Ahuja, Managing Partner and Gujarat State Head, a qualified Chartered Wealth Manager and ICFAI alumnus with more than two decades of private-banking experience across Indian and multinational banks.
Ahuja will lead the wealth-management coverage in Gujarat with a team of five bankers, focusing on the State’s HNI and UHNI clientele.
The strategy reflects the company’s broader effort to build a specialised private-banking network across key Indian wealth centres.
From broking to full-service wealth management
IIFL Capital has spent the past two years strengthening its wealth-management franchise, bringing in private-banking veterans Prakash Bulusu and Raghav Gupta as Joint CEOs in May 2024. The appointments were part of a larger effort to expand the company’s HNI and UHNI wealth business.
Bulusu and Gupta previously held senior leadership positions at ASK Asset and Wealth Management. IIFL’s 2024 announcement said the two executives brought extensive private-banking experience, with Bulusu having handled South India and the UAE market in his previous role.
The company has since continued to build its private-client franchise and recruit experienced wealth professionals.
The transformation also fits into IIFL Capital’s broader evolution from a capital-markets-led financial-services platform into an institution spanning wealth management, investment banking, institutional equities and research.
India’s private-wealth market enters a new phase
The expansion comes against the backdrop of rapid wealth creation among promoters, entrepreneurs, business families and senior corporate executives.
As financial assets become more diversified and wealth increasingly needs to be managed across generations, the role of the wealth manager is expanding from investment execution to portfolio construction, alternative investments, liquidity management, succession planning and family-wealth preservation.
IIFL Capital’s own wealth platform reflects this shift, offering PMS and AIF solutions alongside advisory, treasury and liquidity management, succession and estate planning and tax advisory.
The company’s current HNI/UHNI proposition cites ₹2.6 lakh crore-plus in assets under management and custody, 470-plus relationship managers and 3,100-plus external wealth managers, with the data identified by the company as representative of Q3FY26.
Ahmedabad as a wealth-management growth engine
The Ahmedabad office is therefore more than another branch addition. It places IIFL Capital closer to one of India’s most prominent entrepreneurial ecosystems and gives the company a dedicated platform to build relationships with business owners and affluent families across Gujarat.
With established industrial centres, a strong SME and entrepreneurial base, expanding financial infrastructure and new-generation wealth creators, the State offers a broad potential client base for sophisticated private-wealth solutions.
IIFL Capital already lists multiple Gujarat locations, including Ahmedabad, Gandhinagar, Vadodara, Rajkot and Junagadh, indicating a wider State-level presence beyond the new wealth-management headquarters.
The larger strategic question now is whether professional wealth management can keep pace with the changing nature of Gujarat’s wealth itself—from traditional industrial fortunes to new-age entrepreneurs, professional executives, family offices and globally diversified business families.
For IIFL Capital, the Ahmedabad launch represents its answer: take private wealth management closer to where wealth is being created—and build relationships before the next generation inherits it.
