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IIFLWAM Annual-Report 2018-19-191015.Pdf IIFL WEALTH & ASSET MANAGEMENT 2 ANNUAL REPORT 2018-19 3 IIFL WEALTH & ASSET MANAGEMENT CONTENTS 4 ANNUAL REPORT 2018-19 CHAIRMAN’S MESSAGE 06 FROM THE CEO’S DESK 08 FINANCIAL HIGHLIGHTS 12 CORPORATE STRUCTURE 16 VISION 18 CORE BUSINESSES 19 IIFL-ONE A GAME CHANGER 20 IIFL AMC: STRATEGY 22 OUR SUCCESS MANTRA 24 TRANSCENDING GEOGRAPHIES 26 OWNERS WORK AND WORKERS OWN 28 LANDMARKS 36 NEW LOGO CONCEPT 38 DISTINGUISHED LEGACY 39 CORPORATE SOCIAL RESPONSIBILITY 40 EVENTS 43 MEDIA 46 AWARDS 50 DIRECTORS’ REPORT 55 MANAGEMENT DISCUSSION AND ANALYSIS 93 CORPORATE GOVERNANCE REPORT 109 COMPANY FINANCIALS 2019 128 CORPORATE INFORMATION 286 5 IIFL WEALTH & ASSET MANAGEMENT CHAIRMAN’S MESSAGE Dear Shareholders, It gives me great pleasure to write to you my first letter as the Chairman of your company. From humble beginnings, your company has come a long way. Under leadership of Mr. Karan Bhagat - MD & CEO, your Company has been able to create an effective framework consisting of regular product innovations, continuing client confidence, investment in people, improving processes and a robust organisation structure, which will continue to hold your company in good stead in the long run. I believe that the company’s focus on products and processes will lead to depth, and depth will lead to excellence in performance. I remain optimistic on India’s outlook and believe that the country remains an attractive destination for the longer-term investor. As India grows we are likely to see a corresponding growth in the size and number of wealthy. With increasing wealth, more global exposure and a new generation of wealthy taking over the 6 ANNUAL REPORT 2018-19 NILESH VIKAMSEY Chairman, IIFL Wealth Management mantle, change in the way wealth is managed and Your company understands the need to constantly preserved is inevitable. Over the last 10 years, the evolve in response to the changing landscape and wealth management industry in India has undergone client expectations. I firmly believe the alignment of a striking metamorphosis as it shifts to a more interest with our clients, shareholders and employees holistic model of financial advisory. will help your company stay ahead of the curve as we continue to reinvent ourselves. The last decade has been fairly kind to the industry as a confluence of factors that include a changing The Board of Directors of your Company’s through mind-set, a burgeoning set of wealthy and a thriving board procedures ensure high levels of corporate investment environment have contributed to its governance. growth. More recently, the percolation of digital Finally, I would like to thank your Company’s technology and its accompanying benefits, is once employees, and all other stakeholders for their again changing the shape of the wealth management consistent commitment, engagement and industry and compelling firms to re-centre their encouragement in our journey. I would also express strategy to product innovation & customisation and my gratitude to co-directors of the Board, for their seamless delivery. deep insight on company’s businesses, and their On the Wealth Management front, your company contribution towards achieving high standards of is moving towards a steadier and more predictable governance, controls, accounting and transparency. revenue model. Your company has partnered with the leading consulting firms to define a strategic growth path for the next decade. The vision for our AMC business is to be the premier investment NILESH VIKAMSEY provider for alternates in India Chairman, IIFL Wealth Management 7 IIFL WEALTH & ASSET MANAGEMENT FROM THE CEO’S DESK DIMENSION 2.0: DRIVING TRUST AND TRANSPARENCY IN WEALTH STEWARDSHIP Dear Investors, – IIFL-ONE; and second, moving ahead with a focus on alternate investments in the asset management FY2019 was a defining year for IIFL Wealth & Asset business. In fact, during the year, IIFL-ONE already Management and our clients. For years, we focused on building the expertise clients need to manage started delivering on cost synergies ahead of their wealth in the 21st century. Our efforts shaped expectations. IIFL Wealth & Asset Management as one of the Let me outline how clients are poised to enter formidable leaders in wealth management. With Dimension 2.0 of their wealth management journey, Dimension 2.0, we deepened our longstanding and how this translates to growth for IIFL Wealth & commitment to trust and transparency-led Asset Management, and a paradigm shift in the wealth stewardship of our clients’ wealth. IIFL Wealth & management industry. Asset Management is now ready to help our clients advance their wealth with increased efficiency and THE GENESIS OF A TURNAROUND predictability. In FY19, India continued its quest to become the next Your company registered strong growth in AUM, global superpower. Every regulatory move and bilateral just as it entered Dimension 2.0 of a breakthrough agreement signified the country’s efforts in this transformation. direction. Consequently, we retained our position as It was a fairly challenging fiscal punctuated by the world’s fastest growing economy during the fiscal. the NBFC crisis and industrial slowdown in India, The impact of the robust economy on the performance and global trade wars, leading to subdued investor of the wealth management industry was noteworthy. sentiments, and towards the end of the year a pre- According to the IIFL Wealth Index 2018, published election status quo. Despite global and domestic along with Wealth-X, India was home to 284,140 headwinds, we reported a robust performance. HNIs with a combined fortune of INR 95 trillion. The We remained resolute in focusing on our two momentum is expected to accelerate further over strategic priorities: first, building an open, the next few years as the industry size is expected to transparent, fee-based wealth management model nearly double to over INR 188 trillion by 2021 . 8 ANNUAL REPORT 2018-19 KARAN BHAGAT Founder, Managing Director & Chief Executive Officer, IIFL Wealth & Asset Management While the potential is immense, fiduciary industry leaders. Over the next few years, we aim to responsibility is a glaringly missing element in the evolve into a predictable, revenue-led, AUM-driven wealth management industry narrative. Further, organization, genuinely different from an industry the swiftly growing markets are also characterised dominated by product promotion and distribution. by growing complexity of customer demands. The practice of product promotion has been moderating AN ALTERNATE FOCUS IN ASSET industry prospects and eroding trust. In response, MANAGEMENT the largely traditional industry needs to imbibe new The traditional approach to asset management terms of trusteeship in client servicing. It needs a focuses a great deal on mutual funds. However, in an game-changing disruption in the form of genuine, industry-first approach, we are consciously moving goal-oriented counsel and completely transparent away from this strategy. Instead, we are harnessing fee-based advisory. Your company recognized this our focus on alternative investments. In fact, we set and set out on the path of addressing it swiftly with up a structured credit vertical by bringing in a high IIFL-ONE. calibre team from the industry. Further, we have upgraded the technology stack and digitized our back A NEW DIMENSION FOR DISRUPTION IN office to facilitate error-free, efficient processes. WEALTH MANAGEMENT During the year, we rolled out two products, IIFL With IIFL-ONE, we engage with clients in an advisory India PE Fund and IIFL Income Opportunities Fund relationship for a single fee, with all investments in (a structured credit fund). The move augurs well for direct code and trail income. The model redefines our investor community in terms of value creation. client engagement in India’s wealth management Alternatives have low correlation as compared to industry in terms of its approach to transparent standard asset classes and often move counter to conduct, open disclosures and fiduciary advice. stock markets. This factor makes them suitable The strategy pioneers a radical shift in the wealth instruments for portfolio diversification – especially management approach and is integral to our in a bearish market scenario. differentiated value proposition as one of the 9 IIFL WEALTH & ASSET MANAGEMENT ACCELERATED CHANGE IS THE ONLY WAY professionals, as we partnered with over 13,000 of FORWARD India’s uber rich families in managing, multiplying, structuring and bequeathing their wealth. Today, We are beginning to see the contours of Dimension our footprint spans over 26 offices across the world. 2.0 as a pioneering, industry-first move in wealth Indeed, we have come a long way from the time management: moving from distribution to true trust, when we commenced operations in 2008. We were a transparency and technology-driven transformation. team of less than 10 members working from a single Our first dimension was defined largely by rigorous, office and managing a clientele of 300 families. research-driven wealth management underpinned In the first phase of our transformation plan, we by a scientific investment process and robust are restoring the basics so that we can deliver, technology platform. sustainable, profitable, and predictable growth to In Dimension 2.0 of our transformation, clients investors, colleagues, and communities in which we will begin to benefit from increased efficiency and operate. superior experience, as IIFL Insights – our internal Our prime objective is to ensure that clients achieve analytics platform - is already demonstrating. the long-term wealth outcomes that they expect. We We are moving clients to Dimension 2.0 of remain focused on this goal. While we anticipate their wealth transformation with our unique that global markets may continue to present integration of innovative technology, digitization, some challenges in our new financial year, we are industry expertise and a reputation for trust and committed to driving technology and process-led security earned over decades. Our efforts have efficiencies in their favor. been enhanced by our acquisition of Altiore.
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