CAL

Investment Bankingcal.lk

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

Investment banking services
Unit trust funds
Stock brokering
Private wealth management
Primary dealer securities

Where CAL is headquartered

Location

Headquarters

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 offering

Core 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 profile

Named customers5 records

Segments5 records

Ideal customer profiles3 records

CAL technology and API

Technology

Technology 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 signal

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

CAL competitors and assessment

Company assessment

Direct 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 compliance and trust

Trust signal

Compliance6 records

CAL financial estimates

Financial estimate

Revenue estimate

Valuation estimate

CAL leadership team

Management profile

Number of profiles

Profiles1 record

CAL subsidiaries and ownership

Company hierarchy

Subsidiaries3 records

CAL funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

CAL M&A and investment

M&A and investment

M&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?

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.