Mumbai (Maharashtra) [India], June 23 (ANI): Investment advisory firm IIFL Securities said on Wednesday it has partnered with investment platform Stockal to attract Rs 730 crore worth of cross-border investments from Indian investors in the next one year.
The partnership will help IIFL Securities customers to access over 3,500 US-listed companies, invest in fractional stocks, and expert-curated stacks & ETFs to suit the risk and industry preferences of individual investors.
Millennials form more than 50 per cent of Stockal's customer base due to the high awareness of international companies and ease of trading online without any paperwork.
Sandeep Bhardwaj, CEO of IIFL Securities, said the new Indian retail investor, mostly comprising millennials and Gen-Z-ers, are increasingly looking at diversifying their portfolio in global assets.
A general interest in investing in US stocks, especially fractional investing, has been witnessed ever since the Covid-19 pandemic led to domestic market uncertainties.
"Our partnership with Stockal will open up new avenues for our customers to invest seamlessly in global markets," said Bhardwaj.
Headquartered in New York and with offices in Bengaluru and Dubai, Stockal is one of the largest cross-border investing platforms for Indians processing more than half a billion dollars (about Rs 3,663 crore) worth of transactions in the last 12 to 15 months.
It is backed by investors with pioneering backgrounds in consumer businesses, financial services and technology in Singapore, United States, United Kingdom and India. (ANI)