India’s wealth management industry is at an inflection point in 2026, with India’s HNI and UHNI population expanding rapidly as the stock market creates new wealth from IPOs and capital appreciation, real estate values rise sharply, and startup exits create a new generation of first-generation entrepreneurs with significant investable assets. The combined assets under management of India’s top portfolio management firms touched approximately USD 800 billion by 2024, and SEBI data shows PMS AUM crossing Rs 32.1 lakh crore in January 2024. 360 ONE WAM, previously known as IIFL Wealth Management, is the largest independent wealth manager in India with AUM of Rs 7.11 lakh crore as of December 31, 2025 — a remarkable USD 79 billion. Kotak Wealth Management and 360 ONE together lead India’s independent wealth management industry by AUM, while digital-first platforms like Dezerv are disrupting traditional wealth management with fee-only, technology-led advisory that offers institutional-grade portfolio management to a broader client base. Let us have a look at the top 10 wealth management companies in India for the year 2026.
1. 360 ONE WAM Limited (formerly IIFL Wealth)
360 ONE WAM Limited, established in the year 2008 as IIFL Wealth Management and rebranded in November 2022 and headquartered in Mumbai, is India’s largest independent wealth manager with AUM of Rs 7.11 lakh crore as of December 31, 2025, operating through 27 offices in India and presence in five other countries. The company acquired ET Money’s B2C business in 2024 and UBS’s onshore wealth management operations in India in April 2025, with UBS acquiring warrants representing a 4.95 percent stake in 360 ONE — creating a strategic alliance between India’s largest independent wealth manager and one of the world’s most prestigious private banks. The company’s emphasis on alternative investments including AIFs and structured products gives it a differentiated product shelf for ultra-HNI clients.
360 ONE serves ultra-HNI families, entrepreneurs, and institutional investors with sophisticated wealth management spanning alternative investments, PMS, AIFs, direct equity, and family office services, and its combination of India’s largest independent wealth manager AUM at Rs 7.11 lakh crore, UBS strategic partnership, and growing alternative investment focus makes it the premier destination for India’s wealthiest families seeking comprehensive wealth structuring.
2. Kotak Wealth Management (Kotak Mahindra Bank)
Kotak Wealth Management, established in the year 1995 and operating as a division of Kotak Mahindra Bank headquartered in Mumbai, is one of India’s largest wealth managers ranked first in terms of AUM and client satisfaction alongside 360 ONE in multiple 2025 to 2026 assessments, offering a full-service wealth management experience spanning family office expertise, succession planning, alternative investments, and comprehensive portfolio management backed by Kotak Mahindra Bank’s financial product manufacturing capabilities. The company is cited as ideal for ultra-HNI investors and family offices seeking sophisticated alternative investment access combined with legacy bank-backed financial security.
Kotak Wealth Management serves ultra-HNI families and institutional investors with its comprehensive full-service wealth management offering backed by Kotak Mahindra Bank’s product manufacturing and financial strength, and is particularly valued for succession planning and family governance advisory where its decades of relationship banking with India’s wealthiest families create deep trust and comprehensive service capabilities.
3. Nuvama Wealth and Investment Limited (formerly Edelweiss Wealth)
Nuvama Wealth and Investment, formerly known as Edelweiss Wealth Management and having demerged from Edelweiss Group to operate as a standalone publicly listed wealth management company, is a leading wealth manager with strong research capabilities, a wide product shelf, and an experienced advisory team. Nuvama primarily services the UHNI category through its Private vertical and brings Edelweiss Group’s expertise in alternative investments, private equity, and structured credit to its wealth clients. The company is cited among India’s top wealth managers for its full-stack wealth management combined with lending capabilities that allow HNI clients to leverage their investment portfolios.
Nuvama serves India’s ultra-HNI and UHNI clients with its comprehensive wealth management platform combining investment portfolio management, alternative asset access, and structured lending capabilities, and its post-demerger independence from Edelweiss Group provides a cleaner focus on wealth management client interests as the basis for its competitive positioning.
4. Anand Rathi Private Wealth Limited
Anand Rathi Private Wealth, established in the year 2002 and listed on Indian stock exchanges, is one of India’s most widely distributed wealth management firms with a strong presence in tier-2 and tier-3 cities serving HNI clients with net worth between Rs 5 crore and Rs 50 crore. The company’s total AUM across products grew to approximately Rs 59,000 crore as of FY24 catering to 9,911 active client families, with its board announcing a final dividend of Rs 7 per share and a 1:1 bonus issue for FY26 results alongside a profit after tax of Rs 397.2 crore. Anand Rathi’s distribution-led model covering equity mutual funds, debt instruments, and NSP non-principal protected structured products across 3,200 plus distributed products provides comprehensive HNI advisory.
Anand Rathi Private Wealth serves India’s HNI middle segment of families with Rs 5 crore to Rs 50 crore of investable assets through its geographically extensive advisory network that reaches tier-2 and tier-3 cities where most Mumbai-headquartered wealth managers have limited presence, democratising access to structured wealth management for India’s growing upper-middle class.
5. ASK Wealth Advisors (ASK Group)
ASK Wealth Advisors, part of the ASK Group established in the year 1983 and one of India’s oldest and most respected investment management and wealth advisory organisations, is renowned for its Portfolio Management Services as one of India’s pioneering PMS providers alongside its private wealth and family office services. The company has a long track record of investment management through India’s stock market cycles and serves primarily UHNI and HNI clients seeking long-term equity-oriented wealth creation through its research-driven investment approach. ASK Group’s private equity advisory and multi-family office services complement its wealth advisory capabilities.
ASK Wealth Advisors serves UHNI and HNI clients seeking research-backed equity-oriented wealth management through its veteran investment team with four decades of market experience, and is the preferred wealth advisor for India’s old-money wealthy families and established business owners who value long-term investment philosophy and track record over short-term performance narratives.
6. Dezerv Investments Private Limited
Dezerv, founded in the year 2021 by former Goldman Sachs and McKinsey professionals and headquartered in Bengaluru, is India’s most celebrated new-generation wealth management company that combines fee-only SEBI-registered investment advisory with proprietary PMS and access to private market investments through a technology-led platform. Despite being founded relatively recently, Dezerv has scaled rapidly and is ranked as India’s top wealth management firm in multiple 2025 and 2026 industry assessments for its tech-first approach, institutional-grade portfolio construction, transparency, and disruptive fee model. The company offers more transparency than traditional models through data-driven portfolio construction and digital interfaces.
Dezerv serves India’s technology executives, startup founders, and SEBI-aware investors who want institutional-grade portfolio management through a transparent, fee-aligned model without the conflicts inherent in commission-based wealth distribution, and is the most disruptive wealth management company in India whose growth demonstrates the large untapped market for genuinely fee-aligned professional wealth advisory.
7. Waterfield Advisors
Waterfield Advisors, founded in the year 2011 and one of the few genuinely fee-only multi-family offices in India, serves an exclusively UHNI client base with entirely fee-based advisory revenue without any product commissions whatsoever, making it structurally the most conflict-free wealth advisor in India. The company provides succession planning, family governance, philanthropy advisory, asset protection, and investment management for India’s most sophisticated wealthy families. Waterfield’s minimum engagement size serves a small, exclusive client base of families with typically over Rs 100 crore in investable assets who value uncompromised advisory independence over broad product access.
Waterfield Advisors serves India’s wealthiest and most sophisticated family offices with its genuinely fee-only, conflict-free multi-family office advisory model, and is the gold standard for truly independent wealth advisory in India where the complete absence of product commissions creates a structurally superior alignment with client interests compared to any distribution-revenue-earning wealth manager.
8. Avendus Wealth Management
Avendus Wealth Management, established in the year 1999 and part of Avendus Capital which is backed by KKR, is a leading independent wealth manager serving UHNI clients with an innovative approach that combines investment management with health and wellness planning — a niche advisory differentiation that has attracted high-net-worth clients seeking holistic life and wealth planning beyond purely financial portfolio optimisation. Avendus is cited among India’s top wealth managers for its hybrid advisory model and alternative investment access including private equity and structured credit that complements conventional equity and fixed income portfolios.
Avendus Wealth Management serves India’s UHNI clients with its distinctive combination of sophisticated investment management and health and wellness financial planning, and its KKR-backed alternative investment access provides clients with institutional-quality private equity and structured investment opportunities that independent boutique wealth managers cannot typically offer.
9. Motilal Oswal Private Wealth (MOPW)
Motilal Oswal Private Wealth, the wealth management division of Motilal Oswal Financial Services established in the year 1987 and listed on Indian stock exchanges, is one of India’s leading broker-linked wealth platforms offering equity PMS, mutual funds, and structured products to HNI clients through its combination of research-led investment approach and extensive national distribution network. The company’s PMS offerings have consistently been among India’s top-performing equity portfolios and its National Equity Plan approach to portfolio construction has attracted significant HNI client assets from equity-oriented investors seeking alpha over index returns.
Motilal Oswal Private Wealth serves equity-focused HNI investors with its research-driven PMS and advisory services backed by Motilal Oswal’s three-decade reputation for equity research excellence, and is the preferred wealth platform for investors who want active equity portfolio management by one of India’s most respected equity investment research organisations.
10. ICICI Bank Wealth Management
ICICI Bank Wealth Management, operating as the private banking and wealth advisory division of ICICI Bank established in the year 1994 and India’s most innovative private bank, is one of India’s largest bank-linked wealth management platforms serving premium and HNI banking clients with portfolio management, structured products, international investments, and comprehensive financial planning. The bank’s Burgundy Private service for ultra-HNI clients and ICICI Private Banking for HNI clients represent India’s most technologically advanced bank-linked wealth management offering, with the ICICI Wealth Portal providing digital access to comprehensive wealth analytics and product comparison across the entire investment portfolio.
ICICI Bank Wealth Management serves ICICI’s premium and HNI banking customers with comprehensive wealth advisory including domestic and international investment products, insurance solutions, and estate planning, and its combination of India’s most advanced digital banking platform with qualified human wealth advisors provides the most accessible institutional-grade wealth management for ICICI’s large premium banking client base.
Frequently Asked Questions (FAQs)
Q1. Which is the largest wealth management company in India in 2026?
A: 360 ONE WAM is India’s largest independent wealth manager with AUM of Rs 7.11 lakh crore as of December 31, 2025. Kotak Wealth Management is ranked alongside 360 ONE at the top of India’s wealth management industry by AUM and client satisfaction. For bank-linked wealth management, ICICI Bank Wealth Management, HDFC Bank Private Banking, and Kotak Mahindra Bank collectively manage the largest wealth AUM through their banking client relationships.
Q2. What is the difference between wealth management, PMS, and mutual funds?
A: Wealth management is a comprehensive service spanning investment management, tax planning, estate planning, insurance, and financial goal planning for affluent clients, typically charging fees based on assets managed. Portfolio Management Services or PMS offer customised equity portfolios managed by professional portfolio managers for a minimum investment of Rs 50 lakh per SEBI rules, with higher fees than mutual funds but greater personalisation. Mutual funds pool money from many investors into a single portfolio, providing diversification at lower minimum investment amounts and lower fees but with less personalisation than PMS.
Q3. What is a family office and who needs one?
A: A family office is a private wealth management organisation set up to serve the holistic financial and lifestyle needs of an ultra-high-net-worth family, including investment management, tax planning, succession planning, philanthropy, family governance, and asset protection. Multi-family offices like Waterfield Advisors and Entrust Family Office serve multiple wealthy families through a shared professional infrastructure. Single family offices are established by billionaire families exclusively for their own wealth management. In India, family offices are typically relevant for families with Rs 100 crore or more in investable assets.
Q4. How is SEBI’s regulatory framework changing India’s wealth management industry?
A: SEBI’s Investment Adviser Regulations require wealth advisors who charge advisory fees to register as SEBI Registered Investment Advisers and operate on a fee-only basis without earning distribution commissions, creating a clearer distinction between advisors and distributors. This regulatory clarity is slowly shifting power back to the client by making fee structures more transparent and reducing conflicts of interest. Fee-only advisors like Waterfield Advisors and Dezerv are structurally better aligned with client interests under this framework, while traditional distribution-led wealth firms must disclose their commission revenues.
Q5. What are AIFs and why are they important for wealth management clients?
A: Alternative Investment Funds are SEBI-regulated investment vehicles that pool money from sophisticated investors for deployment in alternative asset classes including private equity, hedge funds, real estate, infrastructure, and structured credit that are not accessible through conventional mutual funds. The minimum investment in an AIF is Rs 1 crore per investor, making them primarily relevant for HNI and UHNI clients. 360 ONE WAM, Kotak Wealth, Nuvama, and ASK Group are particularly strong in AIF access, providing their wealthy clients with investments in India’s private equity and venture capital ecosystem that can generate returns above public market alternatives.
