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Wealth First Portfolio Managers announced the acquisition of controlling interest in a Mumbai-based firm, Wealth First Advisors (WFAPL), a wealth management and distribution firm, at an equity valuation of Rs 102.15 crore.

The acquisition significantly strengthens Wealth First's presence in India's largest wealth management market and takes the combined business to nearly Rs 9,000 crore in assets under management. More importantly, it marks a significant milestone in the firm's evolution from a western India focused practice into a national financial services institution. Anchored in wealth and asset management, Wealth First is steadily building an integrated financial services platform designed to serve clients across their evolving investment and wealth creation needs.

Under the agreement, Wealth First will first acquire a 51% stake in WFAPL through a combination of internal accruals and a share swap, upon execution of the requisite transaction documents. The remaining 49% will be acquired at a future date based on WFAPL's valuation as on 31 March 2029, and is proposed to be settled entirely through a share swap.

The acquisition follows Wealth First's strategic entry into asset management earlier this year through its sponsorship of Lakshya Asset Management. While that initiative strengthened the firm's manufacturing capabilities, the acquisition of WFAPL expands its advisory and distribution franchise.

Wealth First Portfolio Managers will hold a meeting of the Board of Directors of the Company on 29 May 2026.

The approval allows Lakshya AMC to act as an asset management company and roll out mutual fund offerings, marking a key expansion into the asset management space.

The new venture will be led by former Benchmark AMC executives, known for pioneering ETF products such as Nifty BeES in India.

The move signals Wealth First?s intent to diversify its financial services portfolio and tap into the fast-growing passive investing segment, where penetration remains relatively low compared to global markets.

The development comes at a time when India?s mutual fund industry has expanded sharply to over Rs 82 lakh crore in assets under management, though passive investing still accounts for only about 19-20% of total AUM, indicating significant growth potential.

Ashish Shah, managing director of Wealth First Portfolio Managers, said: This approval represents a major step forward in expanding our financial services portfolio and strengthens our long-term commitment to providing comprehensive and accessible investment solutions. Our focus in this AMC will be to identify gaps in the investment landscape and build products that effectively address those needs. We believe there is significant opportunity to create differentiated offerings that deliver meaningful value to investors.

Wealth First Portfolio Managers is a wealth management company, offering portfolio management and financial advisory services to a wide range of clients.

On a consolidated basis, Wealth First Portfolio Managers' net profit declined 87.92% to Rs 1.12 crore while total income declined 60.63% to Rs 6.78 crore in Q3 December 2025 over Q3 December 2024.

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Wealth First Portfolio Managers announced that its subsidiary, Lakshya Asset Management has received approval and final license dated 25 March 2026 from the Securities and Exchange Board of India (SEBI) to act as the Asset Management Company (AMC) for launching and managing the Mutual Fund.

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