iFAST India to sell RIA business to Asit C Mehta Financial Services

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iFAST Financial India has inked a pact with Asit C Mehta Financial Services (ACMFSL) to sell its registered investment advisor (RIA) business, a release stated on September 13.

The memorandum of understanding (MoU) has been signed to acquire the RIA business that "helps independent financial advisers provide fee-based multi-asset advisory services," ACMFSL said.

iFAST India's managing director Erik Hon said that after considering ACMFSL's "fantastic track record" of the equity markets and investment advisory, the company is "sure that the client base and introducer base that we have been able to onboard, will be handled very well".

"We are going to offer all support during the period of this transition. We wish the entire team of ACM and their group companies the best of luck," Hon added.

iFAST India is, notably, the domestic arm of iFAST Corp, one of Asia's leading wealth management fintech platforms headquartered in Singapore.

“We have been having multiple conversations with iFast, their introducers and clients, we believe that the fantastic capabilities that we posses in terms of providing state of art investment products and investment solutions, we will be able to add a great degree of value to investors wealth creation process and we are confident that we will be able to carry iFAST legacy forward," Anand Varadarajan, director – innovation and growth, ACMFSL, said.