Julius Baer Says Aggressively Ramping Up India Wealth Business
- Nation’s wealth growing 12% annually: India managing director
- Global lenders are hiring private bankers to serve the market
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Julius Baer Group Ltd. sees India’s wealth market as a large opportunity even as private banking margins shrink globally, its top official in the country said.
The nation’s $600 billion wealth industry is growing at 12% annually, and only a quarter of that wealth is currently managed professionally, Umang Papneja, managing director and chief executive of the Swiss wealth manager’s Indian unit, said in a Bloomberg TV interview on Thursday.