Judging by conversations with some managers as well as with new personnel, India's wealth management profile is rising, and international banks such as Julius Baer are recruiting to tap into the growth story.
Julius Baer in India has made a number of appointments in the country, coming at a time when the country is gaining traction as a wealth management jurisdiction.
The Swiss firm has appointed Chirag Gandhi as senior advisor, team head, based in New Delhi. It has also brought in senior relationship managers to the India franchise.
Gandhi joins with more than 15 years of experience in wealth management. He was most recently a senior partner at IIFLW and for the past decade he headed a team based in New Delhi. He brings a team of experienced bankers with him, opening avenues for Julius Baer in new client segments in northern India including Rajasthan and Punjab.
The firm also welcomed a team of bankers from Avendus - Manish Khaitan in Mumbai and Abhinav Kumar in Bangalore - to add to its west and south India coverage.
Julius Baer India also recently promoted Anand Khatau to managing director. Khatau, joined the India team nearly 22 years ago, and has been a member of the India Executive Committee, having worked with high net worth families across Indian and global markets. In his new role, Khatau will continue to provide best-in-class investment and wealth planning solutions to Indian clients as well as play an active role in expanding the firm’s global Indian business.
“These appointments also underscore our focus and belief in scaling our Global India proposition to capture the untapped wealth management opportunities present amongst the Indian diaspora globally,” Ashish Gumashta, chief executive for the India business at Julius Baer, said.
The firm said that it is the largest global wealth manager in India as measured by onshore assets under management. Even so, it is by no means the only bank building up its presence. A few days ago, Credit Suisse said it had added to its expertise in the country. It is also, given the dominance of family-run firms, well placed to be a busy market for single- and multi-family offices. In early January, this news service spoke to Munish Randev, founder and CEO of India-based Cervin Family Office & Advisors - a multi-family office.
Last October, Julius Baer appointed Vijay Solomon as the new group head for global India and developed markets, taking effect on 29 September.
In January this year the International Monetary Fund upwardly revised its growth forecast for the Indian economy to 11.5 per cent in 2021, one of very few large economies to post double-digit percentage growth this year amidst the COVID-19 pandemic.