Indian firm going global
IIFL Capital Services
~$30bn Indian wealth manager (ex-IIFL Securities) run by two ASK alumni; Dubai only signalled, not yet built.
Dedicated NRI team
—
Strategy tenure
wealth build under joint CEOs since May 2024
India onshore arc
Onshore active
Hubs
India onshore
IIFL Capital Services (formerly IIFL Securities — distinct from the old IIFL Wealth that became 360 ONE) is one of India's larger wealth managers, with about $30 billion in assets under management, advice and custody. Since May 2024 it has been run as a wealth business by joint CEOs Prakash Bulusu and Raghav Gupta, both formerly Senior Managing Partners at ASK Asset & Wealth Management. A Dubai expansion has been signalled by its leadership but not executed: no press release, DIFC office or DFSA registration exists as of this review.
Why it matters
IIFL Capital is the 'next mover' the space keeps expecting but has not yet delivered: it has the scale (~$30bn) and the pedigree (two ASK alumni running wealth), and its leadership has publicly floated Dubai — but there is no operating offshore entity. It is also a naming trap: the legacy 'IIFL Private Wealth (Dubai)' belongs to the old IIFL Wealth lineage that is now 360 ONE, not to IIFL Capital.
By the numbers
~$30bn
IIFL Capital Services assets under management, advice and custody (self-reported)
Newspatrolling (IIFL Capital press release) · Dec 2024 · self-reported
The journey
Bengaluru HNI/UHNI wealth branch opened (onshore expansion)
IIFL Capital Services (formerly IIFL Securities Limited) opened a Bengaluru branch on Lavelle Road dedicated to wealth management for HNIs and UHNIs — an onshore expansion, with no offshore or Dubai office mentioned in the announcement.
Prakash Bulusu and Raghav Gupta join as joint CEOs to build the wealth business
IIFL Capital appointed Prakash Bulusu and Raghav Gupta as joint CEOs in May 2024. Both were previously Senior Managing Partners at ASK Asset and Wealth Management (majority owned by Blackstone), where they managed North, South and East India businesses and offshore markets.
Connections
1 sources · all linked