· Kristal.AI serves investors from 20+ countries and sees immense scope of wealth generation in both India and Singapore markets
· Kristal.AI remains steadfast to achieve its goal of 20X growth in global AUM by 2025
· Kristal.AI has made several C-suite appointments in Asia
· Expanded partner outreach to work with over 250 partners in India. India business has seen big wins like partnership with the leading private bank and leading wealth manager.
· Kristal.AI sees significant increase in the Digital Family Office (DFO) offering – DFO now accounts to 50% of the total asset base of Kristal.AI
· In 2022, the user base of Kristal.AI has increased by 50% (on 2021 base)
India & Singapore, August 25, 2022 – Kristal.AI, a digital-first global private wealth management platform, crossed US $1 billion in Assets under Management (AUM), effectively tripling its global AUM over the last twelve months. After Singapore, India is the second most important market for the company, with the number of active accounts mix in India likely to be at par with direct clients in Singapore by the end of 2022.
In the first seven months of 2022, KristaI.AI has grown its user base by over 50% (vs. the 2021 user base). This growth has been broad-based with both the Private Wealth and Retail businesses significantly adding to the total user count. Noteworthy is the growth in Private wealth business which accelerated both its user growth and AUM per client. This year has also been a strong year of portfolio expansion with fractional access to fixed income products, hedge funds, and structured products such as Fixed Coupon Notes. Kristal.AI services the needs of affluent and emerging HNIs through its Private Wealth offering where the investor gets access to institutional grade funds and ideas, at a fraction of their regular ticket size.
Kristal also saw a significant number of erstwhile Private Wealth clients opting for its Digital Family Office (DFO) offering, thereby accelerating AUM growth. Its DFO clients now account for ~50% of the total asset-base of Kristal. Some of the key differentiators of the DFO offering are low cost of ownership, low investment amount and wide range of choices which includes – the option to invest in real estate and clients can even invest outside the Kristal.AI platform. The growth in the DFO offering was led by its low cost of ownership where anyone can seamlessly setup a family office in just a click. Also, while traditional family offices are seeded with US $ 10M investments, Kristal.AI clients are able to start their journey with even US $250,000.
Asheesh Chanda, Founder and CEO, Kristal.AI said, “Despite a challenging global macroeconomic environment, we are delighted that Kristal.AI has achieved a very important milestone of crossing US $ 1 billion in global AUM. This in itself is a testimony of the strength in our business, innovative products & solutions and the strong team we have built. The mass affluent and emerging HNWI class of investors in Asia are growing exponentially. That and our ability to deliver premium global products and advisory at reasonable price to our investors have helped triple our AUM in the last year. We see immense scope of wealth generation in both India and Singapore markets and we remain steadfast to achieve our goal of 20X growth in AUM by 2025.”
Chanda added, “We tailor our private wealth solutions for each of the markets where we are present. Our advisory is bionic – where AI delivers unbiased recommendations and humans personalise the advisory. After Singapore, India is the second most important market for us and we have expanded our partner outreach to work with over 250 partners in India. Our India business has seen big wins with our partnership with the leading private bank and leading wealth manager as well. These two brands together serve over 50% of India’s Ultra High Networth wealth/individuals. We have made series of C-suite appointments in Asia, and we will continue to focus on growth both in Singapore and India markets, besides UAE market.”
Asia has emerged as a leading wealth management hub bolstered by factors like an open economy, robust compliance and governance, progressive regulatory environment, an abundance of talent and a welcoming environment for businesses. Thanks to an influx of wealth from the wider Asian region and a growing demand for digital-first investment and advisory, Kristal.AI is well positioned to capture the minds and share of wallet of investors.
To manage its growth in Asia, the wealth tech startup has also made a series of senior appointments in the C-suite, coming with experience in several renowned global organizations thereby further diversifying the leadership profile. Ex-Citigroup Sivasankaran Elambooranan, ex-Unilever Gaurav Rastogi, and ex-Microsoft Gautam Kumar are some of the experts that have joined the Kristal.AI team, and each one of them have an average work experience of around 20+ years. This was further bolstered by the strategic acquisition of fractional investment platform, Globalise that has helped Kristal.AI offer stock and ETF investing with no minimum requirement for the affluent and retail segments.
