Source | economictimes.indiatimes.com | Rica Bhattacharyya, ET Bureau
Demand for private bankers and wealth managers has surged in India with a burgeoning pool of ultra-high-net-worthindividuals (HNIs) and the emergence of new millionaires. Leading wealth management companies are on a hiring spree, ramping up their teams especially at the senior leadership levels, said industry executives.
A combination of factors, including an increase in liquidity events, owing to an upbeat private equity and venture capital investment trend, an upturn in mergers and acquisitions (M&As), and vesting of ESOP pools by a larger number of companies, has fuelled demand for money managers, said the executives.
Growing wealth in tier-2 and tier-3 cities, such as Chandigarh, Kochi, Lucknow, Jaipur and Nagpur, has also contributed to the demand. Motilal Oswal Private Wealth, which caters to more than 4,700 families and manages close to Rs 38,400 crore of wealth and distribution assets, is strengthening its leadership team across functions such as ultra HNI/family office, offshore business and investor advisory.