Three Indians joins UHNIs club every day, according to Malhotra
Only a quarter of India’s US$600 billion wealth is professionally managed though it is growing at 12% annually, says Umang Papneja, CEO, Julius Baer India, unit of Zurich-headquartered global banking group.
“Every day, India welcomes nearly three individuals who join the ultra-high net worth individuals (UHNIs) club, with net worth in excess of US$30 million,” added Rahul Malhotra, Head Private Banking Global India & Developed Market at Julius Baer at the opening of a new office in Aerocity.
“As the number of millionaires in the country continues to grow rapidly, Julius Baer India will take this opportunity to extend our footprint. Our move to this cutting-edge office space is testament to our commitment to India and we are focused on delivering best-in-class wealth management solutions to our clients.
“Our comprehensive range of managed solutions include discretionary portfolio management and wealth planning services to sophisticated clients across North India – a critical market for the firm.”
The bankers assessed the Indian market potential at the opening of the Julius Baer’s new office at Worldmark 2, Aerocity in New Delhi.
“This milestone underscores the firm’s five-year transformation strategy, announced in August 2022, which entails investments in people, products, operations, technology, and infrastructure.”
Papneja continued, “We are delighted to embark on this new chapter for our firm in India to access this opportunity. Located in a prime district, our new office in New Delhi offers excellent connectivity and enables us to establish even closer connections with our clients.
“With an expansive layout, the new premises provides an exceptional environment for collaboration, allowing us to come together to deliver an unparalleled and personalised experience to our valued clients.
“This modern workspace also offers an optimal setting for fostering innovation and creativity, and allows us to work on establishing a new standard of excellence within the wealth management industry,” he said in a release on 19 July 2023.
The bank aims to double its headcount and triple its assets under management (AUM) in India within the next five years from the current over 200 professionals, maintaining a pan-India network with a presence in seven key cities.
To add innovation and diversification to its existing product offerings for High Net-worth Individuals (HNIs) and Ultra High Net-worth Individuals (UHNIs), Julius Baer has recently applied for an Alternate Investment Funds (AIF) license.
With India poised to become the world’s second-largest economy by 2050, Julius Baer is confident of the immense growth opportunities present in wealth management in India.
As part of the bank’s strategic hub and spoke model, this office functions as a satellite location, continuing to play a crucial role in serving clients in the Delhi NCR region and various locations across North India. Fiinews.com
