The global financial crisis is making high net worth individuals in India cautious, said Satya Bansal, chief executive of Barclays Wealth, India, according to a report in Financial Express.

Speaking at an ICC-organised panel discussion on the global meltdown, Mr Bansal said most HNWs were opting to preserve, rather than grow their assets.

Some seasoned investors were “looking for an opportunity in the downside,” Mr Bansal said.

Barclays Wealth, which has an office in Mumbai, is looking to open offices in Kolkata, Delhi, Bangalore and Chennai by the end of the fiscal year in March 2009, he said.

“We have 60 on board now, we will be 100-strong by the end of March 2009. We will soon launch our operations in India,” Mr Bansal added.