Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q3 FY25 Earnings Presentation
58 slides from Nuvama Wealth Management's earnings presentation, Feb 13, 2025
Slide 1: Exchange filing cover letter for investor presentation
NWML/SEC/2025/142 February 13, 2025 The Manager, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Tower, Exchange Plaza, 5th Floor, Plot C/1, G Block, Dalal Street, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 001. Mumbai
Slide 2: Nuvama Investor Presentation Q3 FY25
NUVAMA Investor Presentation Q3 FY25 1
Slide 3: Contents
Contents 1 2 3 4 About Us Industry Performance Strategy Landscape Overview 2
Slide 4: Contents Summary: About Us
Contents Summary ▪ Strong institutional ownership: PAG (promoter of company), 1. ABOUT US one of the largest Asia-based alternative investment managers ▪ Integrated wealth management platform with exhaustive 2. INDUSTRY suite of offerings LANDSCAPE ▪ Only established player with proven execution acr
Slide 5: About Nuvama
ABOUT Nuvama Serving Client-first UHNI & Family Offices foundation HNI & Affluent Individuals Corporates & Institutions Well Scaled Wide Presence Client Assets of US $ 54+ Billion 3,400+ employees across 100+ offices 1,350+ RMs Strong Governance Unique Proposition Experienced board and Multi Client
Slide 6: Majority owned by PAG, a leading investment firm
Majority owned by PAG (promoter of company) a LEADING INVESTMENT FIRM One of the largest Asia-based alternative investment managers with ~USD 58B of assets under management in private equity, real assets, credit & markets Assets Under Management 1 Offices In Asia 2 Total Employees 3 ~USD 58B 8 ~790
Slide 7: Comprehensive wealth management platform with exhaustive suite of offerings
COMPREHENSIVE WEALTH MANAGEMENT PLATFORM with exhaustive suite of offerings Our vision is to provide our clients with comprehensive and tailored wealth management solutions and advice We Serve We Provide Access To 1. Products 2. Advisory 3. Capital Markets UHNI and Family Offices Third Party Proprie
Slide 8: Evolved into an integrated wealth management platform
Evolved from individual businesses into an INTEGRATED WEALTH MANAGEMENT PLATFORM 4. Listed, Strong Governance Company to 3. Transitioned Smoothly, Deliver Long-term Value Operating with Independent with PAG as the Promoter 2. Global Partnership Board, Governance, Operations Validating Platform and M
Slide 9: Well-positioned in this evolving wealth space
WELL-POSITIONED in this evolving wealth space Only scaled player in both client Culture Client segments with “Full Platform” capabilities Established UHNI and Wealth Managers High Family Boutique Offices Private Banks High Orientation RM / Client Networth & Domestic Banks Affluent Individuals Fintec
Slide 10: Established wealth manager covering client segments constituting majority of wealth
As an ESTABLISHED WEALTH MANAGER, we cover client segments constituting majority of wealth ~35K 70-75% UHNI Households of total financial ~30 lacs HNI & AFFLUENT wealth Households MASS MARKET RETAIL 9
Slide 11: Unique business model enabling seamless client solutioning
UNIQUE BUSINESS MODEL, enabling value and seamless client solutioning across ecosystem Small & Medium UHNI Business Owners Family Offices & Business Owners HNI Advisory & Unique Research Products Referrals & Client Distribution Insights Corporates Affluent & Institutions Individuals ONE NUVAMA 10
Slide 12: A high growth company with diversified and superior quality of earnings
A HIGH GROWTH COMPANY with diversified and superior quality of earnings Revenue All figures are in US $ Mn % are YoY +31% 247 +19% 189 +32% 142 Wealth & Asset 158 122 Management leading the 120 90 growth 58 57 47 40 40 39 20 20 19 8 8 - 2 FY21 FY22 FY23 FY24 1 Wealth Management Asset Management Asse
Slide 13: Focused execution delivering strong and sustainable outcomes
Focused execution delivering STRONG AND SUSTAINABLE OUTCOMES All figures are in US $ Mn CLIENT ASSETS REVENUES 3Y CAGR 36% 3Y CAGR 45% 30% 41,432 54,137 27% 247 255 39,686 189 176 27,674 158 25,508 120 18,999 FY21 FY22 FY23 FY24 9M FY24 9M FY25 FY21 FY22 FY23 FY24 9M FY24 9M FY25 OPERATING PAT COST
Slide 14: Contents Summary: Industry Landscape
Contents Summary ▪ India's financial services sector has secular tailwinds 1. ABOUT US o Financial wealth would continue to grow rapidly o Investment asset class will grow even faster 2. INDUSTRY LANDSCAPE o Rising formal penetration will multiply the opportunity ▪ Making India’s wealth industry a s
Slide 15: In India wealth management is at a nascent stage
In India WEALTH management is at a nascent stage and presents a HUGE OPPORTUNITY 1 2 3 GDP Growth Forecast Total Wealth to GDP Ratio (~) Share of Financial Wealth % (~) Globally India Matured Markets India Matured Markets India ~3% 6-7% 6.5x 4.5x 70% 25% 4 5 Professionally Managed Financial India Ma
Slide 16: Investment asset class growing fast driven by value migration
Investment asset class is growing fast driven by VALUE MIGRATION and has a LONG RUNWAY AUM CAGR AUM / Premium to GDP Asset Class Last 10Y India US / Global Mutual Funds 20% 19% 109% AIF 56% 1% 16% Insurance 12% 3% 12% India to become the 4th largest private wealth market globally by 2028 15
Slide 17: Making this a structural and scalable play
Making this a STRUCTURAL and SCALABLE play ▪ Enhanced regulatory focus Consolidation ▪ Technology disruptions ▪ Increasing product complexity Greater ▪ Demographics and rising affluence Growth ▪ Critical to client Attractive ▪ Low capital requirements - High RoE Economics ▪ Concentration of wealth -
Slide 18: Contents Summary: Performance Overview
Contents Summary ▪ Revenues: Q3 FY25 stood at US $ 87 Mn, grew by 30% YoY and 9M FY25 at US $ 255 Mn, grew by 45% YoY 1. ABOUT US ▪ Operating PAT: Q3 FY25 stood at US $ 30 Mn, grew by 43% YoY and 9M FY25 at US $ 88 Mn, grew by 76% YoY 2. INDUSTRY LANDSCAPE ▪ Strong YoY performance across business se
Slide 19: Consolidated Performance Q3 FY25
Consolidated Performance Q3 FY25 18
Slide 20: Business Summary: Q3 FY25
Business Summary: Q3 FY25 MOST COMPREHENSIVE WIDE AND GROWING WELL SCALED SERVING PRODUCT SUITE SALES COVERAGE PLATFORM Wealth Management Investment Solutions Managed Products 4,200+ 1,350+ US $ 37,181 Mn Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchange Trade
Slide 21: Business Summary: Q3 and 9M FY25
Business Summary: Q3 and 9M FY25 All figures are in US $ Mn All % are YoY STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES QUARTERLY NINE MONTHS REVENUES COST TO INCOME 87 255 63% 54% 67 176 30% 45% 9% Q3 FY24 Q3 FY25 9M FY24 9M FY25 9M FY24 9M FY25 OPERATING PAT RETURN ON EQUITY 88 31.8% 30
Slide 22: Key Highlights: Q3 FY25 client assets and revenue
Key Highlights: Q3 FY25 ▪ Client Assets: Q3 FY25 stood at US $ 54,137 Mn, grew by 36% YoY o Nuvama Wealth client assets stood at US $ 12,194 Mn, grew by 38% YoY. Q3 MPIS net flows up 76% YoY CLIENT ASSETS o Nuvama Private client assets stood at US $ 24,987 Mn, grew by 24% YoY. ARR assets grew faster
Slide 23: Key Highlights: Q3 FY25 cost and profitability
Key Highlights: Q3 FY25 ▪ Total Cost: Q3 FY25 stood at US $ 47 Mn, grew by 19% YoY and 9M FY25 at US $ 138 Mn, grew by 25% YoY o Employee costs: US $ 35 Mn in Q3, grew by 26% YoY and 9M FY25 at US $ 104 Mn, grew by 33% YoY COST • Added 272 wealth RMs in last 12 months, aligned with our strategy to s
Slide 24: Consolidated Performance: Q3 FY25
Consolidated Performance: Q3 FY25 Particulars – All figures are in US $ Mn Q2 FY25 Q3 FY25 Q3 FY24 YoY 9M FY24 9M FY25 YoY Total Revenue 1 89 87 67 30% 176 255 45% Wealth Management 42 43 37 19% 103 123 20% Asset Management 2 2 2 31% 2 6 6 30% 2 Asset Services 18 21 12 77% 26 55 107% Capital Markets
Slide 25: Capital Management Strategy
Capital Management Strategy: Focused on driving growth & creating long-term shareholder value CAPITAL MANAGEMENT PRINCIPLES IMPROVING SHAREHOLDER RETURNS DIVIDEND 1. Disciplined capital management Return on Equity (RoE) to maximize profitability and RoE 31.8% 2. Investments to drive organic 23.6% bu
Slide 26: Segmental Summary: Q3 FY25
Segmental Summary: Q3 FY25 Asset Services and Wealth Management Asset Management Capital Markets 25
Slide 27: Nuvama Wealth
Nuvama Wealth One of the leading wealth managers in Affluent and HNI client segments Well scaled Wide presence across India US $ 12,194 Mn of client assets 1,200+ RMs and ~7,000 Active External Wealth Managers (EWM) 1.2+ million clients. ~20% serviced by RMs & External Wealth Managers Covering 450+
Slide 28: Nuvama Wealth: Value Proposition
Nuvama Wealth: Value Proposition 01 Multi-Product and Open Architecture Wide bouquet of investment solutions across asset classes and access to seasoned products Unbiased Solutions 02 Offering unbiased and customized solutions as per client’s needs, portfolio and risk appetite Hybrid Ecosystem 03 Co
Slide 29: Nuvama Wealth: Leveraging technology as a key enabler
Nuvama Wealth: Leveraging technology as a key enabler Single platform for all stakeholders (Client, RM, EWMs) One catering to all wealth management needs Platform Powered by AI, ML and data analytics to drive efficiency and enhance customer experience Onboarding CRM & Sales Portfolio Transactions &
Slide 30: Nuvama Wealth: Journey over years
Nuvama Wealth: Journey over years All figures are in US $ Mn CLIENT ASSETS REVENUES 3Y CAGR 38% 3Y CAGR 24% 80 33% 12,194 35% 69 58 72 9,333 8,845 49 6,094 6,296 33 3,954 FY21 FY22 FY23 FY24 9M FY24 9M FY25 FY21 FY22 FY23 FY24 9M FY24 9M FY25 OPERATING PBT COST TO INCOME 3Y CAGR 3Y DELTA 28 18% 106%
Slide 31: Nuvama Wealth: Performance Metrics
Nuvama Wealth: Performance Metrics Revenue (US $ Mn and YoY) Revenue Composition (%) Profit Before Tax (US $ Mn and YoY) By Solutions By Channel MPIS NII Relationship Manager +24% External Wealth Manager Brokerage Others +18% 72 24 58 21 48% 47% 72% 72% +24% +19% 25 26% 25% 8 20 7 17% 19% 28% 28% 9%
Slide 32: Nuvama Wealth: Performance Metrics client assets
Nuvama Wealth: Performance Metrics Closing Client Assets (US $ Mn and YoY) Client Assets Composition (US $ Mn) MPIS Net New Money (US $ Mn and YoY) MPIS Loan Broking Others +38% +46% 12,194 611 2,553 3,430 +34% 347 356 419 8,845 5,815 8,307 130 102 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 1.0
Slide 33: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team US $ 24,987 Mn of client assets 130+ relationship managers 4,200+ families Comprehensive Solutions High customer satisfaction Investments | Lending | Estate Planning Net Promoter Score of 64 Family Office |
Slide 34: Nuvama Private: Value Proposition
Nuvama Private : Value Proposition Preserve and sustainably grow clients’ wealth through bespoke solutions across suite of offerings (A) (B) (C) (D) CLIENT PROFILE Bespoke Solution Investment Advisory Managed Accounts Wealth Structuring Suite Investment Policy Institutionalized Portfolio Holding Str
Slide 35: Nuvama Private: Journey over years
Nuvama Private : Journey over years All figures are in US $ Mn CLIENT ASSETS REVENUES 3Y CAGR 3Y CAGR 24% 20% 24,987 35% 53 62 15% 51 20,348 20,118 45 41 14,316 15,496 11,805 25 FY21 FY22 FY23 FY24 9M FY24 9M FY25 FY21 FY22 FY23 FY24 9M FY24 9M FY25 OPERATING PBT COST TO INCOME 3Y DELTA 3Y CAGR 79%
Slide 36: Nuvama Private: Performance Metrics
Nuvama Private: Performance Metrics Revenue (US $ Mn and YoY) Revenue Composition (%) Profit Before Tax (US $ Mn And YoY) Annual Recurring Revenue Transactional Revenue +15% +11% 51 17 45 16 58% 58% +12% +3% 18 6 7 16 42% 42% Q3 FY24 Q3 FY25 9M FY24 9M FY25 9M FY24 9M FY25 Q3 FY24 Q3 FY25 9M FY24 9M
Slide 37: Nuvama Private: Performance Metrics client assets
Nuvama Private: Performance Metrics Closing Client Assets (US $ Mn and YoY) Client Assets Composition (US $ Mn) 1 Recurring NNM (US $ Mn and YoY) ARR Earning Assets Transactional Assets +88% +24% 958 24,987 3,665 5,069 +38% 20,118 510 13,611 17,072 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 0.9
Slide 38: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of US $ 1,349 Mn Private Markets + Public Markets + Commercial Real Estate 75% of this being fee paying High-Quality Investment Team Strong Distribution 20+ investment
Slide 39: Nuvama Asset Management: Value Proposition
Nuvama Asset Management: Value Proposition 01 Differentiated Solutions Addressing client needs by offering unique products, powered by deep insights from wealth clients Proven Fund Management Capabilities 02 Established track record across public markets and private products. Delivering top quartile
Slide 40: Nuvama Asset Management: Journey over years
Nuvama Asset Management: Journey over years All figures are in US $ Mn ASSETS UNDER MANAGEMENT REVENUES - MANAGEMENT FEE 2Y CAGR 71% 2Y CAGR 30% 34% 1,349 86% 4 5 4 5 834 787 668 462 2 FY22 FY23 FY24 9M FY24 9M FY25 FY22 FY23 FY24 9M FY24 9M FY25 FEE PAYING AUM NO OF STRATEGIES 2Y CAGR 66% 2 35% 1,0
Slide 41: Nuvama Asset Management: Performance Metrics
Nuvama Asset Management: Performance Metrics Management fee (US $ Mn and YoY) Client Assets (US $ Mn and YoY) Fee Paying Client Assets (US $ Mn and YoY) +71% +66% +30% 1,349 1,018 5 4 787 613 31% 2 1 Q3 FY24 Q3 FY25 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 1. Management fee grew by 31% YoY in
Slide 42: Nuvama Asset Services and Capital Markets
Nuvama Asset Services and Capital Markets Leading institutional practice with deep coverage and world-class capabilities Asset Services Institutional Equities and Investment Banking One stop platform with state-of-the-art technology 20+ years of experience, delivering quality research, strong distri
Slide 43: Asset Services: A recurring, rising and resilient business
Asset Services: A recurring, rising & resilient business 1. Industry overview 2. Nuvama’s strategic choice 3. Moats built 4. Results delivered Structural growth across parameters We serve select International and Comprehensive solution suite Client Assets: US $ Bn 15.6 domestic institutional clients
Slide 44: Asset Services and Capital Markets: Journey over years
Nuvama Asset Services and Capital Markets: Journey over years All figures are in US $ Mn CLIENT ASSETS - ASSET SERVICES REVENUES - ASSET SERVICES 3Y CAGR 57% 3Y CAGR 107% 50% 15,607 25% 55 10,917 39 9,936 26 5,213 20 20 19 4,636 3,240 FY21 FY22 FY23 FY24 9M FY24 9M FY25 FY21 FY22 FY23 FY24 9M FY24 9
Slide 45: Asset Services and Capital Markets: Performance Metrics
Nuvama Asset Services and Capital Markets: Performance Metrics Revenue - Asset Services (US $ Mn and YoY) Revenue - Capital Markets (US $ Mn and YoY) Profit Before Tax (US $ Mn and YoY) +107% +77% 162% 55 71 77 +77% 40 26 +25% 77% 21 29 21 26 12 17 14 Q3 FY24 Q3 FY25 9M FY24 9M FY25 Q3 FY24 Q3 FY25
Slide 46: We are doing it right: awards
WE ARE DOING IT RIGHT Building Wealth, Garnering Accolades Recognized by reputed industry bodies across business segments Select awards this fiscal: o Best Performer in Equities Derivatives – Institution - Bombay Stock Exchange (BSE) India, 2024 o The Best Digital Onboarding Application Of The Year
Slide 47: Contents Summary: Strategy
Contents Summary 1. ABOUT US ▪ Necessary fundamentals in place ▪ Adequately capitalized to achieve future goals 2. INDUSTRY LANDSCAPE ▪ Well defined trajectory for each segment 3. PERFORMANCE OVERVIEW 4. STRATEGY 46
Slide 48: Our strategic advantage
Our STRATEGIC ADVANTAGE Strong promoters with experienced management team PAG, promoter of the company, is a leading investment firm, with AUM of ~USD 58 billion Management team with visionary leadership having experienced multiple business cycles Integrated and differentiated platform Comprehensive
Slide 49: Long-term objectives
LONG-TERM objectives Wealth and Asset Operating leverage to deliver Be client-first in Management to be key drivers significant improvement in cost everything we do and would constitute 75 - 80% to income ratio of the earnings 48
Slide 50: Well defined trajectory for each segment: Wealth Management
Well DEFINED TRAJECTORY for each segment EXECUTION STRATEGY FOCUS AREAS MARKERS Sept’23 Building entire Leverage tech to Continue journey Expand to NRI client In 5 years grow ecosystem with optimize cost-to- from product to segment and People at center. serve, improve portfolio solutions deepen exis
Slide 51: Well defined trajectory for each segment: Asset Management
Well DEFINED TRAJECTORY for each segment EXECUTION STRATEGY FOCUS AREAS MARKERS Sept’23 In 5 years grow Build full suite of Continue to scale public Expand AUM to 6-8x or Significantly alternatives market strategies Distribution 52% CAGR Scale Asset Management On-going On-going Nuvama Dec’24 Private
Slide 52: Well defined trajectory for each segment: Asset Services
Well DEFINED TRAJECTORY for each segment EXECUTION STRATEGY FOCUS AREAS MARKERS Sep’23 In 5 years grow Asset Services clients assets to International Institutional Domestic Institutional Enterprise (Technology Client Group Client Group (AIF, PMS) and Operations) 2-2.5x or 20% Grow assets CAGR under
Slide 53: ESG: We continue to make progress
ESG: We continue to make progress Environment Social Governance o US GBC Gold certified head office for o ISO 27001 for information security o Published first BRSR report for FY24 interior designing management system o Aligning our approach towards ESG and o Minimizing scope 2 emissions by procuring
Slide 54: ESG: Building blocks for sustainable future
ESG: Building blocks for sustainable future Earth Day Celebration (Apr’24) US GBC Gold Certified (Apr’24) Environment Day Celebration (Jun’24) Played an eco-game with employees to raise planted 25 trees in BKC office area for Interior Design and Construction awareness on important environmental issu
Slide 55: Annexures
INalatsy.lisys “a nuvama
Slide 56: Annexure 1: Our Board
Annexure 1: Our Board Experienced and Independent composition with good mix of business and functional skills Birendra Kumar Ashish Kehair Shiv Sehgal Nikhil Srivastava Anthony Miller Chairperson & Independent Managing Director and Executive Director Non-Executive Nominee Non-Executive Nominee Direc
Slide 57: Safe harbour
Safe harbour DISCLAIMER : This presentation and the discussion may contain certain words or phrases that are forward-looking statements, which are tentative, based on current expectations of the management of Nuvama Wealth Management Limited or any of its subsidiaries, associate companies and joint
Slide 58: Thank You
Thank You For more details refer data book published on our website. Click here to access. # Data Book Contents 1 Consolidated Performance 2 Segmental Performance - Wealth Management a) Nuvama Wealth b) Nuvama Private 3 Segmental Performance - Nuvama Asset Management 4 Segmental Performance - Nuvama
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