Shriram Wealth bets on 'democratising' wealth, to soon enter Rs 10 lakhs-Rs 2 crore segment

Paul Wilson, chief investment officer at Sanlam (L) and Vikas Satija, MD and CEO, Shriram Wealth

Shriram Wealth has framed its entry into the private wealth space around the idea of “democratising wealth,” seeking to take investment and estate planning services beyond the ultra-rich. While the group had initially spoken of tapping its large depositor base with ticket sizes starting as low as Rs 50,000, Vikas Satija, managing director and chief executive officer clarified that the immediate focus is on higher-value segments, starting with clients in the Rs 10 lakh to Rs 2 crore bracket, a segment the company will enter into in the next 6-9 months. For now, it’s building the business around the Rs 2-Rs 25 crore segment.

He added, since its formal launch in June, the venture has built a 150-member team, opened offices in 11 cities, and already onboarded more than 400 families, with plans to scale into higher-ticket categories over the next nine months.

Paul Wilson, chief investment officer, Sanlam, said he is “very satisfied” with its equal partnership in Shriram Wealth, calling India one of the most attractive growth markets globally.

“India is on a really good footing with 7.8 percent growth, strong skills, and a lot of opportunity here. We see it as one of the best growth markets in the world,” said Wilson. Edited excerpts:

How do you see the Indian market vis-à-vis global markets at this point? There is still a layer of exuberance that people are talking about in India.

Paul: India’s long-term growth outlook remains strong, though markets will hinge on valuations. With inflation under control, rate cuts and better-than-expected GDP data support momentum. Globally, growth is slow but positive, unlike 2008’s crisis. Emerging markets have broadly delivered over the past 15 years, while developed economies struggle with high debt and ratings downgrades. Inflation post-COVID drove rate hikes, but many emerging markets, including India, are now cutting, while developed markets diverge. Tariffs under Trump pose risks, potentially shaving 0.5-0.6 percent off India’s GDP if sustained. Overall, company earnings look resilient, making a global recession unlikely barring major shocks.

Will tariffs realign the way people look at wealth in your view?

Paul: I don’t think tariffs will trigger a sudden, sharp shift in the way financial markets function. The impact is likely to be slow and steady. What’s interesting, though, is how they’ve changed global dynamics, for instance, Prime Minister Modi recently met with President Xi Jinping and the Russian president, something that might not have happened in the past. The Trump effect is clearly pushing countries that previously had limited ties to start building new relationships. Even in South Africa, we’re not particularly favored by President Trump. What is clear is that Trump is pushing much of the world to explore alternative partnerships. Whether those translate into stronger trade opportunities is still uncertain. At the same time, Trump’s term will end in two or three years. The next president could take a more open stance toward global trade, potentially reversing some of these tariffs. Until then, a lot remains up in the air. For investors, the key takeaway is that volatility is set to be a defining feature over the next five years.

It’s been a little over six months since the JV came through. How would you want to call this start?

Vikas: We have explored multiple capital market ventures, including wealth management, asset management, and a capital markets group, with Sanlam investing across each. In just three months, we have built a 150-member team and opened offices in 11 cities, including Mumbai. Our open-architecture model brings products from multiple manufacturers under one umbrella, and the client response so far has been encouraging. The opportunity is significant: only 15 percent of Indian savings are professionally managed, compared with 60-75 percent in developed markets. We see this share rising steadily. Our proposition goes beyond wealth to cover lending, protection, global investment opportunities, and estate planning which are the five core pillars on which we aim to build a long-term, comprehensive platform.

Paul: From Sanlam’s perspective, the partnership has been very satisfying so far. We’ve worked very well with Vikas and his team, and India clearly stands out as one of the most attractive growth markets globally. Recent GDP growth at 7.8 percent, a strong education and skills base, and improving structural reforms put India on a much better footing than many other emerging markets. For us, it’s an exciting time to be here, and our 21-year association with Shriram shows the level of conviction we have in this market.

One of the key talking points when the JV was floated was that you would onboard customers with deposits as low as Rs 50,000. Is that happening?

Vikas: There are three target segments which we wanted to build on - the Rs 10 lakh to Rs 2 crore, which we have still not launched. That’s another six months from now which when we will launch. Next is the Rs 2 crore - Rs 25 crore (the affluent and the HNI segment) we launched in June. The third is what we call the Ultra HNI segment, which is above Rs 25 crore, which we will launch in six to nine months . We’re working closely with the group. At the current moment, there is enough organic growth opportunities in the market to capture. As for the Rs 50,000 customer base, that is not being looked at immediately.

What would be your target for FY27 in that case?

Vikas: I think it’s too short a period to look at. But what I can tell you is, which officially also I communicated, I think next five years we want to be at Rs 50,000 crores of Assets under Advice, with close to 500 professionals.

Are you open to inorganic options?

Vikas: Little too early to say, but I don’t think so we are close to that. But I think for the first couple of years, our approach has to be more organic.