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Merrill Lynch sees 30% surge in India wealth assets
The Indian wealth management arm of Merrill Lynch aims to grow new client assets and revenues by about 30% over the next year as wealthy Indians return to invest in a booming market, a top executive said on Tuesday.
The Indian wealth management arm of Merrill Lynch aims to grow new client assets and revenues by about 30% over the next year as wealthy Indians return to invest in a booming market, a top executive said on Tuesday.
Atul Singh, who heads the wealth manager in India, said his firm added clients at its fastest pace ever in the last 12 to15 months and plans to increase the number of relationship managers by a fifth over the next one year to sustain the rapid growth.
He said risk appetite was improving and investors were now more comfortable with the investing climate as Indian economic growth picks up and its stock markets surge, making it the fertile hunting ground for wealthy clients.
"There was a little bit more momentum in the last 15 months but I don't think that momentum is temporary and will go away," Singh told the Reuters Global Wealth Management Summit in India at his office in the south of Mumbai.
"I expect the client acquisition to actually be faster as we build coverage," he added.
Indian wealth managers are on a hiring spree with global players such as Credit Suisse, Standard Chartered, Barclays and many local players aiming to hire hundreds of bankers between them to boost growth.
