Choice International Expands with Strategic Acquisitions

Choice International Ltd has made significant strides in its wealth management business by securing Rs 635 crore in assets under management through a series of strategic acquisitions. The company announced these developments on Thursday, marking a significant expansion effort.

In a definitive move, Choice International, along with its subsidiaries, has acquired the distribution business of the Fintoo Group. This acquisition encompasses wealth management, insurance, alternative investment funds, and portfolio management services operated by Mihika Financial Services and Mihika Insurance Marketing Firm LLP, adding Rs 300 crore in AUM.

Further augmenting its portfolio, the firm acquired Pune-based Glory Prime Wealth, managing Rs 210 crore AUM, and formed strategic alliances with four mutual fund distributors in Himachal Pradesh, adding another Rs 125 crore. According to Group CEO Arun Poddar, these actions align with Choice's strategy to expand its leadership in wealth management. Earlier this year, acquiring Arete Capital Services substantially increased the company's total wealth management assets to over Rs 6,800 crore.