Nuvama Group
Nuvama Group is an Indian financial-services group focused on wealth management, asset management, asset servicing and capital-markets services.
Last updated August 31, 2026
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Overview
Nuvama Group is the operating brand of Nuvama Wealth Management Limited, an Indian financial-services company headquartered in Mumbai. Its business spans wealth management, asset management, institutional securities, investment banking and asset servicing. The group serves a range of clients, including high-net-worth individuals, ultra-high-net-worth individuals, institutions, companies, alternative-investment vehicles and other participants in the financial markets. The business originated in August 1993 as Kayjay Financial Research Services Private Limited. It subsequently operated under the names KJS Securities Private Limited and Rooshnil Securities Private Limited before being acquired by the Edelweiss Group in 2002. Following that transaction, the company was renamed Edelweiss Securities Limited in 2004. During the 2009–10 financial year, it expanded through the acquisition of Arum Investments Private Limited. A major ownership transition occurred in 2021, when PAG acquired a controlling stake from the Edelweiss Group and minority investors including Kora Management and Sanaka Capital. The transaction separated the business from its former Edelweiss ownership structure and created the basis for its later repositioning as an independent financial-services platform. In 2021, the company also established Nuvama Asset Management, a wholly owned subsidiary focused on alternative-investment activities across private markets, public markets and commercial real estate. The Nuvama name was adopted in 2022, when the company became Nuvama Wealth Management Limited. The company was subsequently listed on the National Stock Exchange of India and BSE on 26 September 2023. The public listing marked an important stage in the group's development as a separately branded and publicly traded financial-services organization. Nuvama's wealth-management operations are organized around two principal propositions. Nuvama Wealth is directed toward high-net-worth clients, while Nuvama Private focuses on ultra-high-net-worth individuals and families. These activities are complemented by investment products and advisory capabilities delivered through the group's asset-management and capital-markets businesses. The capital-markets platform includes Nuvama Institutional Equities, which provides equity research and broking services; Nuvama Investment Banking, which covers equity and debt capital markets, private-equity advisory and mergers-and-acquisitions advice; and Nuvama Asset Services, which provides clearing, custody, fund accounting and reporting services to financial institutions. This combination gives the group both client-facing wealth capabilities and institutional-market infrastructure. In 2024, Nuvama formed a 50:50 joint venture with Cushman & Wakefield to establish a real-estate fund. Later that year, it established a wholly owned subsidiary in the Dubai International Financial Centre, extending its operating footprint beyond India. As of June 2025, the group reported approximately ₹4.6 trillion in assets under management, according to the referenced Wikipedia material. Nuvama's current positioning is therefore that of a diversified, India-centered wealth and capital-markets platform with institutional, private-client and alternative-investment capabilities.
History
Nuvama Group traces its origins to August 1993, when the business was incorporated as Kayjay Financial Research Services Private Limited. It later changed its name to KJS Securities Private Limited and subsequently to Rooshnil Securities Private Limited. These early identities reflected its development as a securities and financial-research business in India's growing capital markets. The Edelweiss Group acquired the company in 2002. Following the acquisition, the business was renamed Edelweiss Securities Limited in 2004 and became part of Edelweiss's broader financial-services activities. During the 2009–10 financial year, it expanded its capabilities through the acquisition of Arum Investments Private Limited. The company's ownership structure changed substantially in 2021. PAG acquired a controlling stake from Edelweiss and minority shareholders Kora Management and Sanaka Capital. This transaction moved the business toward an independent corporate identity and laid the foundation for the Nuvama brand. In the same year, the company created Nuvama Asset Management as a wholly owned subsidiary. The subsidiary was established to provide alternative-investment services across private markets, public markets and commercial real-estate assets. In 2022, the company adopted the legal name Nuvama Wealth Management Limited. The Nuvama Group identity covered a broader set of activities than traditional private-client wealth management. Its Nuvama Wealth division targeted high-net-worth individuals, while Nuvama Private focused on ultra-high-net-worth individuals. Alongside these client divisions, the group developed asset-management, institutional-equities, investment-banking and asset-services operations. The company reached another important milestone on 26 September 2023, when Nuvama Wealth Management Limited was listed on the National Stock Exchange of India and BSE. The listing established a public-market identity for the business after its ownership transition and rebranding. In 2024, Nuvama broadened its investment platform through a 50:50 joint venture with Cushman & Wakefield to establish a real-estate fund. Later that year, it established a wholly owned subsidiary in the Dubai International Financial Centre. The Dubai presence indicated an effort to support cross-border activity and international client or investment-market connectivity, although the available reference material does not specify the subsidiary's detailed operations. Nuvama's business today combines private-client wealth management with institutional and corporate financial services. Nuvama Institutional Equities conducts equity research and broking; Nuvama Investment Banking advises on equity and debt capital markets, private equity and mergers and acquisitions; and Nuvama Asset Services provides clearing, custody, fund accounting and reporting. As of June 2025, the group reported assets under management of approximately ₹4.6 trillion, based on the referenced Wikipedia material. Since 2021, PAG has remained the majority owner identified in the available reference.
- 2024
Real-estate fund joint venture formed
[1]Nuvama and Cushman & Wakefield formed a 50:50 joint venture to establish a real-estate fund.
- 2024
Dubai subsidiary established
[1]The group created a wholly owned subsidiary in the Dubai International Financial Centre.
- 2023
Public listing on NSE and BSE
[1]Nuvama Wealth Management Limited was listed on India's National Stock Exchange and BSE on 26 September.
- 2022
Nuvama Wealth Management name adopted
[1]The company was renamed Nuvama Wealth Management Limited.
- 2021
PAG becomes controlling owner
[1]PAG acquired a controlling stake from Edelweiss and minority shareholders.
- 2009
Acquisition of Arum Investments
[1]During fiscal year 2009–10, the company acquired Arum Investments Private Limited.
- 2004
Renamed Edelweiss Securities
[1]The company adopted the name Edelweiss Securities Limited after its acquisition by Edelweiss.
- 2002
Acquired by the Edelweiss Group
[1]Edelweiss acquired the company, bringing it into the group's financial-services structure.
- 1998
Name changes to KJS Securities and later Rooshnil Securities
[1]The business changed its name to KJS Securities Private Limited and subsequently to Rooshnil Securities Private Limited.
- 1993
Business established as Kayjay Financial Research Services
[1]The company was established in August 1993 under the name Kayjay Financial Research Services Private Limited.
Products and positioning
A diversified Indian wealth-management and capital-markets platform serving high-net-worth and ultra-high-net-worth clients, institutions and corporates, with additional capabilities in alternative investments and financial-market infrastructure.
Wealth management
Nuvama Wealth
Nuvama Wealth is the group's offering for high-net-worth individuals. It forms part of the private-client platform and is presented alongside advisory and investment capabilities intended for affluent clients.
Private wealth management
Nuvama Private
Nuvama Private serves ultra-high-net-worth individuals and families. The available reference identifies it as a distinct division within the group's wealth-management business, but does not provide a detailed account of its product range.
Alternative investment management · 2021
Nuvama Asset Management
Established as a wholly owned subsidiary in 2021, Nuvama Asset Management provides alternative-investment services across private markets, public markets and commercial real-estate assets.
Institutional broking and research
Nuvama Institutional Equities
Nuvama Institutional Equities is the group's institutional-securities business. It conducts equity research and provides broking services for institutional-market participants.
Investment banking
Nuvama Investment Banking
Nuvama Investment Banking provides advice and execution support across equity and debt capital markets, private equity and mergers and acquisitions.
Asset servicing
Nuvama Asset Services
Nuvama Asset Services supports financial institutions with clearing, custody, fund accounting and reporting services, providing market infrastructure in addition to the group's advisory and investment businesses.
Brand decisions
2024
Real-estate fund joint venture with Cushman & WakefieldM&ABackground
Nuvama sought to extend its alternative-investment capabilities into commercial real estate.
Action taken
Nuvama formed a 50:50 joint venture with Cushman & Wakefield to establish a real-estate fund.
Aftermath
The joint venture broadened the group's investment-management platform, although the available material does not describe the fund's subsequent performance.
2022
Rebranding as Nuvama Wealth ManagementStrategyBackground
Following the 2021 ownership change, the company required a distinct identity separate from its former Edelweiss securities name.
Action taken
The company changed its name to Nuvama Wealth Management Limited and operated under the Nuvama Group brand.
Aftermath
The rebrand unified the group's wealth, asset-management, capital-markets and asset-services activities under the Nuvama identity.
2021
PAG acquisition of controlling stakeM&ABackground
The business was transitioning away from its previous Edelweiss ownership structure, with PAG acquiring control from Edelweiss and minority investors.
Action taken
PAG acquired a controlling interest in the company.
Aftermath
The transaction preceded the adoption of the Nuvama identity and the development of the company as an independently branded financial-services platform.
Recent events
- 2024
Nuvama and Cushman & Wakefield establish real-estate fund joint venture[1]
M&A
Nuvama formed a 50:50 joint venture with Cushman & Wakefield to establish a real-estate fund.
- 2024
Nuvama creates Dubai International Financial Centre subsidiary[1]
Other
The group established a wholly owned subsidiary in the Dubai International Financial Centre, expanding its corporate presence outside India.
- 2023
Nuvama Wealth Management lists on Indian exchanges[1]
Other
Nuvama Wealth Management Limited was listed on the National Stock Exchange of India and BSE on 26 September 2023.
- 2022
Company adopts the Nuvama Wealth Management name[1]
Other
The company was renamed Nuvama Wealth Management Limited, formalizing the Nuvama identity after the change in ownership.
- 2021
PAG acquires controlling stake in the business from Edelweiss and minority investors[1]
M&A
PAG acquired a controlling interest in the company from the Edelweiss Group and minority investors including Kora Management and Sanaka Capital, beginning the business's transition toward an independently branded platform.
- 2021
Nuvama establishes wholly owned asset-management subsidiary[1]
Other
The company established Nuvama Asset Management to pursue alternative-investment activities across private markets, public markets and commercial real estate.
Sources1 sources
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