Angel One on July 31 said it has invested Rs 250 crore into its wealth management arm to capitalize on the growing affluence in the country, the brokerage firm said in a statement.
The capital will be deployed to develop core technological infrastructure, leveraging AI and analytics, expand presence in key markets and develop product strategies, as per an official statement.
Angel One Wealth has three business verticals, including HNI (high net-worth individuals), UHNI (ultra HNI) and alternate assets, it said.
"Through Angel One Wealth we aim to cater to an expansive spectrum of clients, by leveraging technology and staying at the forefront of innovation," Angel One's chairman and managing director Dinesh Thakkar said.
It can be noted that some of its peers, including IIFL, already have successful wealth management arms.
The Angel One statement said there has been a rapid increase in the HNI population in the country, and is pegged to grow 16 per cent every year to 16.5 lakh by 2027.
The company will offer investment products across asset classes, technology-driven accessibility for clients and support of relationship managers to the clients.
The statement said it has put in place a 60-member team of wealth managers, with an average age of 32 years.
It has also put in place an advisory council, a think tank, a product approval committee and an investment committee.
With inputs from PTI
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