A swathe of senior and middle-level executives have quit ABN Amro’s retail wealth management operations to join India’s Religare Wealth Management, according to the Economic Times (of India).

Up to 50 people have already left and a further 50 staff could quit next week, the publication said, quoting unnamed sources.

WealthBriefing was unable to reach either firm at the time of publication.

The story highlights how India and other BRIC nations have been among the most vibrant sectors for the global wealth management industry.

If Religare gets to hire the entire team, then it is as good as buying the company without the ABN Amro brand, another person close to the development is quoted as saying.

ABN Amro’s Van Gogh Preferred Banking is among the services provided by banks that cater to India’s rapidly growing number of millionaires, offering them personalised services like asset allocation, investment proposals and portfolio management.

According to industry estimates, India has close to 1.3 million high net worth individuals and the number is expected to touch 2 million by 2012.