Mumbai: HDFC Securities announced the launch of its new Wealth Advisory offering – HDFC TRU – marking a significant milestone in the company’s journey as a trusted name in equity research, broking and financial distribution.
Dhiraj Relli, MD & CEO, HDFC Securities, said here October 17 that with over 5.7 million clients digitally and across 250+ branches pan-India, HDFC Securities is expanding its service portfolio to provide comprehensive wealth advisory solutions for High-Net -Worth individuals (HNIs) Ultra-High-Net-Worth Individuals (UHNIs), Family Offices and Corporate Treasuries.
Replying to questions, he said about three years went into the making of the HDFC TRU offering and with wealth services on the cusp of exponential growth, HDFC Securities is highlighting its “Honesty and Expertise” factors on the MF side (advisory and distribution).
Noting that HDFC TRU had no revenue targets as the focus was more on differentiated value, and with Rs 168 lakh crore AUM, “This pie will increase while debt and equity continue to do well with debt reforming over the years and more rate cuts being witnessed also.”
HDFC TRU will be led by Pranab Uniyal, a veteran in wealth management and advisory roles, who has been an integral part of the HDFC Group for a half decade.
Pranab Uniyal, Head of Wealth Advisory, HDFC Securities, said the scope of wealth advisory services in India is vast and continuously evolving with number of affluent individuals increasing and corporate earnings expanding, there is a rising demand for sophisticated and customized financial solutions.”
“With India’s household financial assets projected to triple from approximately Rs 350 lakh crore in FY24 to over Rs 1,000 lakh crore in the next decade, we anticipate that the MF AUM will grow at a CAGR of nearly 15%, reaching over Rs 200 lakh crore by 2034 – representing approximately 25% of the country’s GDP,” he said, adding “Currently, only 13% of the direct MF AUM – amounting to Rs 4 lakh crore out of total Rs 31 lakh crore – is managed by RIAs, while the remaining 85% is managed through a DIY approach.”
Describing India to be the 3rd largest economy by 2027 and a $10 trillion economy by 2033, he said the Indian Capital Market remains “under-penetrated” — compared to global peers – with its MF AUM to GDP ratio below global average of 65%.
He said HDFC Bank is among the top 10 largest banks in the world, has zero brokerage on all equity transactions and zero commissions for 3rd party products including zero hidden costs.
