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| Edited By: Sachin P Mampatta |Source: DNA |Updated: Mar 18, 2018, 04:52 AM IST
L&T Finance Holdings has hired senior executives from the Indian arm of EFG International, a Zurich-based private bank, to facilitate its foray into wealth management, said two people familiar with the matter.
According to the people, the financial services subsidiary of the Rs90,000 crore Larsen and Toubro (L&T) group has picked up some officials of EFG Wealth Management (India) Pvt Ltd, including its chief executive officer, Manoj Shenoy.
Emails sent to L&T and EFG on Saturday did not elicit a response. Shenoy said he had put in his papers, but did not divulge more.
The exits follow EFG’s decision to review its India business and its search for a buyer, said industry sources.
The office for L&T’s new venture is coming up at Santa Cruz, said a source.
L&T Finance Holdings, which listed on the bourses less than six months ago, already has an asset management business under the L&T Finance subsidiary, called L&T Investment Management.
EFG Wealth Management, previously known as Stratcap Securities India, was founded in 1995. EFG acquired the company in September 2008 as part of plans to tap the growing number of wealthy individuals in the country.
