Deutsche Bank has made Ajay Bagga, the former chief executive of Lotus India Asset Management, head of its private wealth management arm in India, a spokesman confirmed to Wealthbriefing.

Mr Bagga left Lotus late last year after the company was taken over by India's Religare Enterprises and officially joined Deutsche Bank on Wednesday.

The number of millionaires in India rose 22.7 per cent to 123,000 in 2007, according to a Merrill Lynch/Capgemini report.

Deutsche Bank established its first branch in India in 1980. Deutsche Bank Private Wealth Management caters to the specific needs of high net-worth clients, their families and selected institutions worldwide. The unit provides a range of financial solutions, including estate planning and advice on foundations and philanthropic activities.