Choice International Limited has announced several acquisitions, enhancing its wealth management division by adding ₹635 crore in assets under management (AUM). The financial services group based in Mumbai has entered into definitive agreements to acquire distribution businesses from Fintoo Group, Glory Prime Wealth, and four mutual fund distributors from Himachal Pradesh.
The acquisition of Fintoo, which operates through Mihika Financial Services and Mihika Insurance Marketing Firm, contributes ₹300 crore in AUM and incorporates the distribution of wealth products, insurance, alternative investment funds, and portfolio management services. This agreement also transfers Fintoo’s client portfolio, team, and IT systems to Choice.
In addition, Glory Prime Wealth Private Limited, a Pune-based distributor managing ₹210 crore in assets, will strengthen Choice’s presence in western India. Furthermore, a strategic partnership with four Himachal Pradesh distributors, who have merged their operations, adds ₹125 crore in AUM.
These acquisitions follow Choice’s earlier purchase of Arete Capital Services, which added ₹5,151 crore in AUM, propelling the company’s total wealth management assets from approximately ₹1,000 crore to over ₹6,800 crore, marking a nearly seven-fold increase.
Group CEO Arun Poddar stated that these acquisitions align with the company’s strategy to establish a tech-driven, multi-channel wealth platform tailored for high-net-worth and institutional investors. Choice International operates 211 branches and serves over 1.4 million clients through a network of 63,000 business associates.
As of today, the shares of Choice International Limited were trading on the National Stock Exchange at ₹815.50, down by ₹4.80 or 0.59% at 12:55 PM.
