Nuvama Wealth Management is a full-stack financial platform built on the idea that serving every part of a client’s financial life - from investments and lending to estate planning - creates a stronger, more resilient business than selling just one product. Originally founded in 1993 as Edelweiss Securities, an investment bank, the firm spent three decades adding capabilities before being carved out from the Edelweiss Group, rebranded as Nuvama in 2023, and listed on India’s stock exchanges under the majority ownership of PAG, one of Asia’s largest alternative investment managers. The recurring approach is a “universal wallet” strategy: offer affluent individuals, ultra-wealthy families, and institutions a single integrated platform for all their financial needs, then use the insights and relationships from one part of the business to feed the others. # Business segments Four engines at different stages - a large wealth-management core serving individuals and families, an institutional capital-markets franchise, a fast-growing alternatives-focused asset manager, and a custody-and-clearing infrastructure business - all connected by shared clients and cross-referrals. ## 1. Wealth Management: where the firm’s client relationships live **A hybrid of human advisors and a digital platform serving over a million affluent and high-net-worth clients, earning fees from managed products, commissions from transactions, and interest from a lending book.** - **Two brands for two wealth bands** - Nuvama Wealth serves the affluent and HNI segment (investable assets below ₹25 crores) with roughly 1,100 relationship managers and 8,000 external wealth managers across 500-plus locations, while Nuvama Private serves over 4,750 UHNI families and family offices (₹25 crores and above) with around 150 RMs, including offices in Surat, Kanpur, Jaipur, Singapore, and Dubai. - **Annuity income is the backbone** - managed products and investment solutions (AIFs, PMS, mutual funds) contributed 59% of Nuvama Wealth’s revenue in FY26, and in Nuvama Private, annual recurring revenue from managed products now makes up roughly 60% of the total, with yields of 85-95 basis points on those assets. - **Lending locks clients in** - a loan book of approximately ₹4,900 crores, secured against securities, ESOPs, and margin trades, generates 20-22% of the wealth segment’s revenue and grew about 27% year-on-year, making clients stickier while adding a spread-based income stream. - **AI is making advisors more productive** - AI-powered tools for portfolio analytics, rebalancing, and tax-loss harvesting helped drive a roughly 25% jump in per-RM revenue in Nuvama Wealth and a 10-15% jump in Nuvama Private, while a new multicurrency reporting module serves clients with offshore allocations. ## 2. Capital Markets: the institutional engine that feeds the group **An equities and investment-banking franchise with over 20 years of history, serving 900-plus institutional clients and holding a top-three position in India’s fixed-income debt markets.** - **Fixed income is the structural advantage** - the business ranks first in public debt issues and third or fourth in private placements, where the competitors above it are large banks with balance sheets; fixed income contributes about half of the investment-banking top line and can compound at 20-25% annually because it is less deal-dependent than equity capital markets. - **IPO market share that matters** - in equity capital markets, the firm maintained an IPO market share of roughly 18-19% by value and 15% by number of deals in FY26, built on research coverage of more than 300 stocks and a distribution network spanning Asia, the UK, the Middle East, and the US. - **Deals create wealth clients** - the capital-markets engine generates cross-referrals into the wealth business under the “One Nuvama” model; in one year, 11 new Nuvama Private relationships were created directly from capital-markets referrals, turning institutional deal flow into private-wealth relationships. ## 3. Asset Management: the product factory built on client insights **An alternatives-focused fund manager launched in 2021 that uses the wealth business’s understanding of client demand to design funds, then distributes them through its own network and third parties.** - **Built to fill gaps the wealth arm sees** - the business was started after Nuvama became independent, using customer insights from the wealth platform to identify product gaps and launch strategies in private equity, private credit, public-markets hedge funds, and commercial real estate. - **Real estate through a global partner** - the commercial real estate strategy runs through a 50:50 joint venture with Cushman & Wakefield, a firm that manages over 5.1 billion square feet of space globally; the first fund aims to raise INR 3000 crore to invest in prime offices across six Indian cities. - **Distribution is being built beyond the group** - a Chief Business Officer with 27 years of distribution experience was hired to scale sales through Nuvama’s internal wealth channels and more than 30 third-party distributors including banks, wealth managers, and institutions, so the asset manager is not solely reliant on its parent’s network. - **A mutual fund licence opens the next door** - final SEBI registration for “Nuvama Mutual Fund” was received in June 2026, with plans to launch products under the Specialized Investment Fund framework first, followed by a broader range of mutual fund offerings, expanding the addressable market beyond alternatives. ## 4. Asset Services: the infrastructure-like utility inside the platform **A custody, clearing, and fund-services business that holds roughly ₹1.26 lakh crores of client assets and earns steady, recurring income from the cash collateral clients must place with it.** - **A market-share leader in two chosen segments** - the business serves foreign portfolio investors (including systematic quant funds and high-frequency traders) and domestic PMS and AIF managers, holding a market share of approximately 22% across these segments, with over 275 clients. - **Earnings come from client collateral** - revenue is primarily generated from fixed-deposit earnings on the margin money clients place with the custodian, which means income is sensitive to interest-rate moves but not to daily trading volumes, making it a “recurring, rising and resilient” stream. - **Becoming a one-stop shop for fund managers** - the company is building out registrar and transfer agent (RTA) and trusteeship services, expected to go live by mid-Q3 FY26, so that a domestic PMS or AIF manager can get custody, clearing, RTA, and trusteeship from a single non-bank provider. - **Resilience showed under pressure** - in FY26, full-year revenues grew roughly 12%, and Q4 revenues still exceeded Q1 revenues despite a 50-basis-point drop in interest rates and the loss of a large client, demonstrating that the client base is diversified enough to absorb shocks. # Group structure and partners **The listed entity sits atop a network of wholly owned subsidiaries that hold the licences for lending, clearing, asset management, mutual funds, and offshore wealth management, with PAG as the majority promoter.** - Nuvama Wealth Management Limited is the listed holding company, with PAG - an Asia-based alternative investment manager with over USD 55 billion in AUM - as its promoter and majority shareholder. - Key operating subsidiaries include Nuvama Wealth Finance Limited, the RBI-registered NBFC that carries the loan-against-securities book with a net worth of ₹900.70 crores; Nuvama Edelweiss, a Professional Clearing Member of NSE Clearing; and Nuvama Asset Management Limited, which will act as the AMC for the newly registered Nuvama Mutual Fund. - The offshore wealth-management presence runs through Nuvama Wealth Management (DIFC) Limited in Dubai, incorporated in June 2024, alongside subsidiaries in Hong Kong, the UK, and the US that support the institutional and private-wealth franchises. - The commercial real estate fund business operates through a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield, a global real-estate services firm listed on the NYSE, with the first fund targeting prime commercial offices across six Indian cities. - In January 2026, the Board approved a preliminary exploration of strategies for better value discovery for all shareholders, including how best to organise its business segments.