In one of the largest exoduses in the wealth management industry in India, 33 senior executives from ICICI Securities Private Wealth Management have quit to join WGC Wealth, established just four weeks ago.
About 26 executives who joined from ICICI Securities Private Wealth are front-end relationship managers.
Financial services group Wadhawan Global Capital entered the wealth management space in late August when it hired Atul Singh, former chief executive of Julius Baer Wealth Advisors India as CEO of WGC Wealth.
It had also appointed senior executives from Julius Baer, IDFC Bank and Kotak Mahindra Bank to form a 70-member team in India. Now, to further expand the business in India, WGC would be looking to add more members to the team.
Among the hires is Maneesh Kapoor, a senior regional head at ICICI who has been named executive director for North and East India at WGC.
Sailesh Balachandran, the former south regional head at ICICI, has also joined as an executive director.
“We have a strong team with many high quality senior investment professionals on board. We plan to expand the team to 150 people by the end of this financial year,” said Singh, head of WGC Wealth.
Prior to WGC Wealth, Singh had worked with Julius Baer where he had set up the wealth management business for India. He was also associated with Booz Allen Hamilton and Merrill Lynch.
Wealth managers in India are addressing a market at $1.5trn of investible wealth, which is expected to cross $3trn of personal investible wealth by 2022.