CAL
CAL (Capital Alliance Holdings Limited) is a publicly listed Sri Lankan full-service investment bank offering unit trusts, stock brokering, primary dealer treasury operations, private wealth management, and M&A advisory to 120,000+ retail, HNW, and institutional investors across Sri Lanka and Bangladesh.
- Company typePublic
- Founded2000
- HeadquartersColombo, Sri Lanka
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What CAL does
CAL (Capital Alliance Holdings Limited) is a full-service Sri Lankan investment bank founded in 2000 and publicly listed on the Colombo Stock Exchange since May 30, 2025 under tickers CALT and CALH. The company operates across five core business lines: stock brokering on the Colombo Stock Exchange, government securities dealing as a Primary Dealer appointed by the Central Bank of Sri Lanka, unit trust fund management (six-plus funds covering equity, fixed income, money market, Islamic, and balanced strategies), private wealth management, and M&A and corporate finance advisory. CAL holds a Primary Dealer license (one of only five non-bank Primary Dealers in Sri Lanka) and SEC-regulated Asset Manager status, and its unit trust funds carry investment-grade ratings from Fitch and ICRA — a regulatory and quality moat that is rare in frontier markets.
The company serves 120,000+ investors with LKR 320+ billion (approximately USD 1 billion+) in assets under management, operating through a digital-first distribution model anchored on the CAL Online web portal and a mobile application on iOS and Android. Supporting digital products include AnalytiCAL (real-time market intelligence), CAL Vstock (trading simulator for investor education), CAL GPT (AI-powered investment assistant), and Smart Portfolios (goal-based automated investing with SIP capabilities). CAL generates revenue from five streams: unit trust fund management fees (0.50%-1.5% of NAV, recurring), stock brokering commissions, primary dealer spreads on government securities, investment banking advisory fees, and private wealth management discretionary fees. Go-to-market is direct-to-consumer for retail investors and relationship-managed for high-net-worth and institutional clients, supplemented by the CAL FinLit financial literacy program that has reached 1,000+ employees across 17 organizations. The company recently expanded into Bangladesh via a wholly-owned subsidiary and has subsidiaries including Capital Alliance PLC (CALT) and CAL Investments.
CAL firmographics
Firmographics- Name
- CAL
- Legal name
- Capital Alliance Holdings Limited
- Website
- https://cal.lk
- Company type
- Public
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- CAL (Capital Alliance Holdings Limited) is a publicly listed Sri Lankan full-service investment bank offering unit trusts, stock brokering, primary dealer treasury operations, private wealth management, and M&A advisory to 120,000+ retail, HNW, and institutional investors across Sri Lanka and Bangladesh.
- Ownership category
- akta.pro rank
CAL industry classification
Industry- Product category
- Investment Banking
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Investment Activities (5239)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Corporate Finance & Capital Advisory (BPAHADAB)
- akta.pro secondary industries
- Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC), Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds) (FSAEALAM)
Keywords
Where CAL is headquartered
LocationHeadquarters
- HQ city
- Colombo
- HQ country
- Sri Lanka
- HQ region
- Asia
Offices1 record
Markets served
CAL business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Unit Trust Fund Management: Management fees from operating multiple unit trust funds including equity funds, fixed income funds, money market funds, and Islamic funds. Charges include management fees (0.50%-1.5% of NAV), trustee fees, custodian fees, and occasional outperformance fees.
- Stock Brokering: Commission-based stock brokering services for equities traded on the Colombo Stock Exchange
- Primary Dealer Operations: Treasury bill and bond dealing as a CBSL-appointed Primary Dealer, earning spreads on government securities transactions
- Investment Banking Advisory: Advisory fees for M&A, corporate finance, and capital markets advisory services
- Private Wealth Management: Discretionary wealth management services for high net worth individuals and corporate investors
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Capital Alliance Investment Grade Fund - Low-risk fund focused on government securities and investment grade corporate debt |
| Unit Pricing | Monthly | Fixed Income Opportunities Fund (FIOF) - Medium-risk fund investing in government securities, deposits, and corporate debt |
| Unit Pricing | Monthly | Quantitative Equity Fund (QEF) - High-risk equity fund investing in Colombo Stock Exchange listed companies |
| Unit Pricing | Monthly | Islamic Money Market Fund - Shariah-compliant low-risk fund investing in Sukuk, Islamic commercial papers, and structured deposits |
| Unit Pricing | Pay-as-you-go | Treasury Bills and Bonds - Government-backed fixed income securities with competitive rates |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
CAL product offering
Product offeringCore offering
Capital Alliance Holdings Limited (CAL) is a full-service Sri Lankan investment bank providing stock brokering on the Colombo Stock Exchange, Primary Dealer operations for government securities (Treasury Bills and Bonds), Unit Trust fund management across multiple risk profiles, private wealth management for individuals and corporates, and investment banking advisory for mergers, acquisitions, and capital markets transactions. The firm distributes these offerings through a proprietary digital ecosystem (CAL Online portal, mobile app, AnalytiCAL analytics, CAL GPT AI assistant, CAL Vstock) and direct relationship management.
Product overview
CAL (Capital Alliance Holdings Limited) is a full-service investment bank offering a comprehensive suite of financial products and services. The core offerings include Stock Brokering, Treasuries (as a CBSL-appointed Primary Dealer), Investment Management (Unit Trust Funds and Private Wealth Management), Investment Banking (M&A advisory), and Research & Insight services. The digital ecosystem comprises CAL Online platform, AnalytiCAL analytics tools, CAL Vstock educational trading platform, CAL GPT AI assistant, and various calculators. The Unit Trust portfolio includes 6+ fund options: Capital Alliance Investment Grade Fund (low-risk), CAL Fixed Income Opportunities Fund (medium-risk), CAL Quantitative Equity Fund (high-risk), CAL Islamic Money Market Fund (Shariah-compliant), CAL High Yield Fund, and several other specialized funds. CAL serves individual, family business, and institutional clients across Sri Lanka with assets under management exceeding LKR 320 billion.
Differentiator
Problem solved
Functional benefit
Brands
- CAL Online: Digital platform for online investing, treasury management, and portfolio tracking through mobile app and web portal
- AnalytiCAL
- CAL Vstock
- CAL GPT
- CAL Circle
- CAL FinLit
- CAL Foundation
- Unit Trust Funds
Products and services
- Stock Brokering
- Treasuries (Government Securities)
- Investment Banking Advisory
- Research & Insight
- Private Wealth Management
- CAL Online (Digital Investment Platform)
- CAL Vstock
- CAL GPT
- AnalytiCAL
- Capital Alliance Investment Grade Fund
- CAL Fixed Income Opportunities Fund (FIOF)
- CAL Quantitative Equity Fund
- CAL Islamic Money Market Fund
- CAL High Yield Fund
- CAL Balanced Fund
Quantifiable outcome
- Best Research Team for 3 consecutive years at CFA Capital Market Awards
- +3 more outcomes
Companies that use CAL
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles3 records
CAL technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature6 records
CAL partnerships and signals
Strategic signalScale indicators8 records
Recent moves6 records
Expansion highlights6 records
CAL competitors and assessment
Company assessmentDirect peers
- EFG Hermes: Leading frontier/emerging market investment bank with integrated investment banking, securities brokerage, asset management, and research. Directly comparable to CAL's full-service, frontier-market investment banking model across MENA and other frontier geographies.
- Renaissance Capital: Specialist frontier and emerging markets investment bank with research, sales and trading, and asset management. Highly comparable to CAL's integrated research + broking + fund management + advisory offering in frontier markets.
- Exotix Capital: Frontier and emerging markets-focused investment bank and asset manager. Closely aligned with CAL's frontier market positioning, offering securities, advisory, and investment management to institutional clients.
- John Keells Stock Brokers (JKSB): Sri Lankan stock broking arm of the John Keells Group operating on the Colombo Stock Exchange. Directly comparable to CAL's stock broking and equity research franchise in the same domestic market.
- Lanka Securities: Sri Lankan stock broking and investment services firm offering equities, fixed income, and advisory. Directly competes with CAL across Colombo Stock Exchange broking and capital markets advisory.
- CT Smith Stockbrokers: Long-standing Sri Lankan stock broking firm. Directly comparable to CAL's stock broking and equity research services on the Colombo Stock Exchange.
- Ceybank Asset Management: One of Sri Lanka's established unit trust and asset management firms. Directly comparable to CAL's Investment Management / Unit Trust Fund business.
- National Asset Management Limited (NAML): Sri Lankan licensed asset manager operating unit trust funds and segregated mandates. Directly comparable to CAL Investments' unit trust and wealth management franchise.
Broad incumbents
- DFCC Bank: Established Sri Lankan development bank offering a wide suite of corporate banking, treasury, and investment services. Comparable as a broader Sri Lankan financial institution with overlapping capital markets and treasury capabilities, though not a pure-play investment bank.
- Commercial Bank of Ceylon: One of Sri Lanka's largest private commercial banks offering corporate banking, treasury operations, and capital markets services. Broad incumbent with overlapping treasury and capital markets capabilities but wider retail/commercial banking focus than CAL.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
CAL social profiles
Digital presenceCAL compliance and trust
Trust signalCompliance6 records
CAL financial estimates
Financial estimateRevenue estimate
Valuation estimate
CAL leadership team
Management profileNumber of profiles
Profiles1 record
CAL subsidiaries and ownership
Company hierarchySubsidiaries3 records
CAL funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CAL M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CAL
What does CAL do?
Capital Alliance Holdings Limited (CAL) is a full-service Sri Lankan investment bank providing stock brokering on the Colombo Stock Exchange, Primary Dealer operations for government securities (Treasury Bills and Bonds), Unit Trust fund management across multiple risk profiles, private wealth management for individuals and corporates, and investment banking advisory for mergers, acquisitions, and capital markets transactions. The firm distributes these offerings through a proprietary digital ecosystem (CAL Online portal, mobile app, AnalytiCAL analytics, CAL GPT AI assistant, CAL Vstock) and direct relationship management.
Is CAL a public or private company?
CAL is a public company. It is classified as public and is currently operating.
When was CAL founded?
CAL was founded in 2000. It employs 101 to 250 people.
Where is CAL based?
CAL is headquartered in Colombo, Sri Lanka, in the Asia region.
How does CAL make money?
Five revenue lines are on record. Unit Trust Fund Management is the primary driver. The others are stock Brokering, primary Dealer Operations, investment Banking Advisory and private Wealth Management.
Who are CAL's main competitors?
Direct peers on record are EFG Hermes, Renaissance Capital, Exotix Capital, John Keells Stock Brokers (JKSB), Lanka Securities, CT Smith Stockbrokers, Ceybank Asset Management and National Asset Management Limited (NAML). Broad incumbents are DFCC Bank and Commercial Bank of Ceylon.
Does CAL have an API?
No public API is recorded for CAL.
What industry is CAL in?
CAL's product category is Investment Banking. Its primary akta.pro industry code is BPAHADAB, Corporate Finance & Capital Advisory, with a secondary code of FSAEAGAC, Capital Raising Advisory (Equity & Equity-Linked). Its NAICS code is 523940 and its SIC code is 6282.