Edelweiss Wealth Management's director handed in his resignation this week. Anurag Mehrotra, the head of Mumbai-based Edelweiss Capital's wealth-management unit, has resigned, according to the company.

He has been replaced -- for now anyway -- by Naresh Kothari, a director of Edelweiss' brokerage division. The company gave no reason for Mehrotra's departure. And apparently Mehrotra has little to say about the matter. He told Reuters only that he hasn't got a new position lined up.

Four months later

In August 2008, Edelweiss said it was planning to double its advisor headcount to 220 over the next 12 months in anticipation of adding another 3,000 clients. "There's a huge opportunity to go after" in the Indian private-client space, Mehrotra said at the time. "The upside is phenomenal."

By 2012, India's wealth managers could be serving a market of 42 million households with $1 trillion in investable assets, according to Celent, a Boston-based market-research firm. In the middle of 2007, India's wealth-management marketplace was worth about $500 billion.

Edelweiss targets wealth-management clients with investable assets of at least $500,000. -FWR

Purchase reproduction rights to this article.