India Infoline Limited announced the successful closure of the IIFL Income Opportunities Fund (a Category II AIF), its maiden Alternative Investment Fund (AIF). The Fund received capital commitments of Rs. 628 crore, making it the largest AIF closing till date.
IIFL Income Opportunities Fund is a closed ended debt scheme with the objective of investing in debt and debt-related instruments issued by good Corporates/Groups, secured against quality assets and are structured to provide periodic cash flows. Employing diversification across sectors and leveraging the IIFL Group’s significant sourcing capabilities, the Fund shall endeavour to fetch its investors enhanced fixed income returns with periodic cash flows.
Commenting on this, Mr. Karan Bhagat, MD and CEO of IIFL Wealth Management said, “We are highly encouraged by the response to the Fund. Not only did we present a unique investment opportunity, we also aligned the fee structure with our clients’ interests. Bucking the industry trend, we decided not to charge performance fees on the fund and hence leave substantial value on the table for our clients. The management fee charged by the fund is also amongst the lowest in the industry. Finally, the corpus raised by the fund indicates the confidence investors place in the IIFL group’s asset management capabilities. Going forward, we shall continue to launch innovative investment propositions for clients through Category I, II and III AIFs.”
About IIFL Private Wealth
IIFL Wealth Management Ltd. is the Private Wealth subsidiary of India Infoline Ltd. Started in April 2008, we have built a strong advisory practice as opposed to a transaction or commission-based model. Over the last five years we have built a practice based on 3 core principles: Modesty, Simplicity & Client Centricity. This has been well accepted and appreciated by clients, associates and employees alike and helped us aggregate more than US$ 6.35bn of Assets under Advise (AuA) across a client base of 3200 and more families. The numbers are a reflection of clients’ strong conviction in our superior advisory capabilities and our expertise in managing the wealth of large families, in India and abroad. This makes us one of India’s leading private wealth management firms in terms of AuA.
The scale and size attained in the brief span of five years has ensured that we not only retain the existing employee base, but also attract the best talent comprising of senior and experienced professionals from the industry. Our team of senior private bankers bring with them domain expertise, fresh perspectives and augmented levels of efficiency. With them spread across the country, we ensure better geographical outreach to existing and prospective clients as well as incorporate industry best practices.
We have an exhaustive product platform with advisory services for fixed income, equity, real estate and commodities. Our full-fledged fixed income practice coupled with a large bond desk allows Private Wealth clients direct access to sovereign, corporate and collateralized debt. This makes for a unique proposition and a key differentiator in asset allocation. The Bond desk has been instrumental in winning some of the largest corporate mandates in addition to becoming advisory gatekeepers for some large treasuries.
IIFL (India Infoline group), comprising the holding company, India Infoline Ltd (NSE: INDIAINFO, BSE: 532636) and its subsidiaries, is one of the leading players in the Indian financial services space. IIFL offers advice and execution platform for the entire range of financial services covering products ranging from Equities and derivatives, Commodities, Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, GoI bonds and other small savings instruments. It owns and manages the website, www.indiainfoline.com, which is one of India’s leading online destinations for personal finance, stock markets, economy and business.
BSE Group felicitated IIFL for being one of the top performers in the ‘Equity FI’ category on Muhurat Trading day. Mr Nirmal Jain, our Chairman, received the ‘Entrepreneur of the Year’ award at the 10th Franchise India Awards, 2012. IIFL has also received ‘Best Equity Broking House with Global Presence’ at the D&B Equity Broking Awards 2012 as well as for 2011. IIFL Wealth was awarded ‘Best Wealth Management House – India’ at The Asset Triple A Investment Awards, 2012 as well as for 2011. IIFL has also been awarded as the ‘Best Broker in India, 2011’, by FinanceAsia and the ‘Best Equity Broker of the Year, 2011’ by Bloomberg UTV. A forerunner in the field of equity research, IIFL’s research is acknowledged by none other than Forbes as ‘Best of the Web’ and ‘…a must read for investors in Asia’. IIFL research is available not just over the Internet but also on international wire services like Bloomberg, Thomson First Call and Internet Securities where it is amongst one of the most read Indian brokers.
A network of over 4,000 business locations spread over more than 900 cities and towns across India facilitates the smooth acquisition and servicing of a large customer base. All our offices are connected with the corporate office in Mumbai with cutting edge networking technology. The group caters to a customer base of over a million customers, over a variety of mediums viz. online, over the phone and at our branches.