PAG picks JP Morgan and Morgan Stanley as advisors for mega sale of controlling stake in Nuvama Wealth Management

Nuvama Wealth Management, was listed on the bourses in September 2023, following a demerger and restructuring process that began in 2020. The firm's share price has doubled since its market debut.

PAG has engaged investment banks JP Morgan and Morgan Stanley as advisors as the Asia-Pacific focused alternative investment firm gears up to exit Nuvama Wealth Management (formerly called Edelweiss Wealth Management) post four years of investment and sell its majority stake, multiple industry sources in the know told Moneycontrol. They spoke on the condition of anonymity.

As per the latest exchange data, PAG holds 54.93 per cent stake in Nuvama Wealth Management. Based on the market cap of the target firm at the end of day's trade on April 7, the PAG stake was worth Rs 10,579 crore.

" JP Morgan and Morgan Stanley have been roped in and work on the deal has begun but the timing of the deal launch will depend on market conditions, considering the current volatility ," said one of the persons above.

Two other persons confirmed the above.

" Rival PE firms focused on the financial services space and with an ability to cut big cheques are likely to express interest in the proposed transaction, especially those without a presence in wealth management," one of them added.

When contacted, PAG declined to comment.

Email queries to Nuvama Wealth Management, JP Morgan and Morgan Stanley were left unanswered at the time of publishing this article. Reminders have been sent and this article will be updated as soon as we hear from the firms.

In March 2021, PAG made an investment of $325 million in Nuvama Wealth Management, including primary and secondary investment. In addition, PAG also acquired the entire ownership of the prior investors Kora Management and Sanaka Capital , taking its stake to ~61.5 per cent.

Nuvama Wealth Management, was listed on the bourses in September 2023, following a demerger and restructuring process that began in 2020. The firm's share price has doubled since its market debut.

PE deal activity in recent times

2022 saw private equity firms striking two deals in the wealth management space.

Blackstone acquired a majority stake in ASK Investment Managers Limited from Advent International and other sellers. Secondly, Bain Capital acquired a 24.98 per cent equity stake in IIFL Wealth Management Limited from General Atlantic Singapore Fund Pte. Ltd. and FIH Mauritius Investments Ltd, a wholly owned subsidiary of Fairfax India Holdings Corporation.

The broader financial services segment has also seen m&a activity in the last two years. For instance, EQT acquired Indo Star Home Finance , CVC Capital acquired Avaas Financiers from Partners Group and Kedaara Capital and Warburg Pincus acquired Shriram Housing Finance. Advent International and Carlyle are among other PE firms that have bet on the financial services space in India.

A closer look at Nuvama

According to a report by ratings agency ICRA dated March 7, 2025, " Nuvama Group is one of the leading integrated wealth management firms in India. It oversees more than Rs. 4.5 trillion of client assets (including custody assets) and caters to a diverse clientele, including 12+ lakh affluent and high-net-worth individuals (HNIs) and 4,200+ of the wealthiest families as on December 31, 2024."

The firm offers wealth management solutions, covering investment advisory, estate planning, asset management services, investment management, lending and broking services for individuals, institutions, senior executives, professional investors, and family offices.

It also offers loan against securities (LAS) through its non-banking financial company (NBFC) – Nuvama Wealth Finance Limited (NWFL) and margin trade funding (MTF) and employee stock ownership plan (ESOP) funding via the broking entity Nuvama Wealth and Investment Limited.

In January 2025, PAG announced that it had signed definitive documents to invest in Manjushree Technopack Limited, one of India’s largest rigid plastic packaging companies. The private equity investment firm also added that it acquired a majority stake in Pravesha Industries Private Limited, a leading packaging firm focused on the pharmaceutical industry.