Billionaire Jain Bets on India’s Wealth Boom to Lift Assets

Billionaire Nirmal Jain aims to double assets at his wealth management firm in two years and triple his frontline adviser base as India’s rich get richer and competition for their money intensifies.

IIFL Capital Services Ltd.’s wealth book of about 600 billion rupees ($6.6 billion) will expand 80% to 100% over the next 24 months, Jain said in an interview with Bloomberg News in Mumbai. To power that growth, the company has hired about 60 relationship managers in the last 18 months and plans to add 120 more, a sharp ramp-up in a market where seasoned advisers are hard to find.