Shares of ONE WAM maintained the upward momentum, reaching an intra-day peak of ₹820, marking a 3.72% increase over Wednesday’s closing levels.
Currently, the stock is trading 88% higher from its 52-week low level of ₹431.
On June 12, the wealth manager for ultra-high net worth-individuals in a stock exchange filing said that it had signed a definitive agreement to acquire ET Money.
Formerly known as IIFL Wealth Management, 360 ONE WAM said that this acquisition will enhance its client segment coverage and solidify its position as the premier wealth management firm in the country.
The acquisition will involve a stock swap deal and part cash, enabling 360 ONE WAM to acquire 100% of ET Money.
360 ONE WAM also noted that the acquisition is set to create significant synergies between the two companies by leveraging their combined product offerings, domain expertise, portfolio advisory solutions, brokerage services, and credit solutions.
This strategic move is expected to accelerate monetization for ET Money across its user base and product portfolio.
ET Money, a SEBI-registered investment advisor, is known as a digital platform for wealth management that does not involve brokerage services. The platform serves more than 9,00,000 clients engaged in transactions. It manages assets under management (AUM) totalling approximately ₹70,000 crore, with ₹28,000 crore invested through its platform, including over ₹25,000 crore in mutual funds.
ET Money achieves gross monthly sales exceeding ₹1,200 crore, including monthly SIPs of ₹450 crore and mutual fund net flows nearing ₹750 crore. Its advisory service, ET MONEY Genius, has attracted over 76,000 active paying clients with an AUM of ₹1,200 crore.
Shares of 360 ONE WAM were trading 0.18% higher at ₹792 apiece on the BSE around 10.38 am.
Catch live market updates with CNBC-TV18.com’s market blog
