India’s wealth managers had a strong year in 2017, with the 20 biggest firms growing their assets under management by 63% to $169bn, according to a report by Asian Private Banker.
The emergence of new millionaires and the need for financial advice has increased the demand for private bankers in India. So much that wealth management is now the most sought-after profession within the financial services sector in the country.
“The outlook for India’s wealth management is as bright as it has ever been. Assets under management with India’s top 20 managers jumped a superlative 63.3% in 2017, well outpacing Asia’s offshore space over the same period (+29.2%) and China’s domestic private banking sector, which grew by just under 22%,” the report said.
The wealth unit of Kotak Mahindra Bank retained the number one spot, nearly doubling assets to $30bn in 2017. IIFL Wealth Management came in second, nearly $12bn below Kotak Wealth Management.
Only 7 private wealth managers had assets under management in excess of $10bn.
India is the fastest-growing wealth market globally, with the number of high net worth individuals rising 20% in 2017 from a year earlier, according to a recent survey by Capgemini. India has 178,000 millionaires, according to the report.
Most wealth management firms increased their headcount last year, anticipating larger business volumes in the future. IIFL added 250, Centrum Wealth added 135, while Edelweiss, Aditya and Kotak Wealth beefed up their wealth desks by 50 each.