Godrej Industries Group on Tuesday announced the launch of its wealth management arm, Godrej Wealth, through its subsidiary Godrej Investments. The newly-launched company is targeting assets under management of Rs 1 lakh crore over the next five years by focusing on the affluent and the high-net-worth segments and expanding in 35 locations. Godrej Wealth will operate alongside Godrej Capital, the group’s lending business, together forming the financial services arm of the Godrej Industries Group. Kunal Karnani has been appointed the chief executive officer of the wealth management arm.