Shriram Group announced its foray into the wealth management space via apartnership with South Africa-based Sanlam Group. The new entity seeks to cater to India's expanding base of affluent and high-net-worth individuals. Only about 15% of financial assets in India are professionally managed, compared to 75% in mature global markets.

The size of the wealth management market at about $1.2 trillion today, he noted adding that it was projected toexpand about eight times. "We're not looking at just one end of the spectrum. At the moment, we're beginning with clients in the Rs 2 crore to Rs 25 crore segment," Satija said.

Over the next six to nine months, we plan to also cater to customers between Rs 10 lakh to The management noted that they are currently only providing distribution services and will eventually enter into the advisory space as well. Satija told Moneycontrol , "We've built an open architecture platform, whether in investments, lending, or insurance" "We work closely with our group companies, but the client's interest is always first," he says. "We work with the group companies but the clients' interests are always first" "We have a great relationship with the client," he adds.