Nirmal Jain Plans Expansion of IIFL Capital Services Amid India's Wealth Growth

Billionaire Nirmal Jain plans to double assets and triple the number of advisers at his wealth management firm, IIFL Capital Services, within two years to capitalize on India's growing affluent population. The firm has hired 60 relationship managers in the past 18 months and aims to add 120 more, primarily from foreign banks and local wealth firms, despite rising compensation costs amid industry competition. Jain's IIFL Group, backed by Fairfax Financial Holdings, has expanded into various financial services over three decades.