Jio to global giants scramble for big wealth pile-up of India's rich
wealth management in India to tackle the intensely competitive environment, ET has reported based on information from sources.
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A slew of global banks eyeing India's wealth management sector face intense competition from local incumbents who already have big teams and distribution channels. UBS, which exited India’s onshore wealth business about a decade ago, has been integrating the Credit Suisse team it acquired to make a comeback in what it sees as an area of growth.
Sanlam Ltd. is joining the race to enter India’s wealth management industry as Africa’s biggest insurer by market value seeks to tap opportunities in the world’s fastest-growing major economy, Bloomberg has reported recently. The insurer plans to build out its partnership with Shriram Capital Group. Jio Financial Services signed an agreement with BlackRock Inc. and BlackRock Advisors Singapore Pte. Ltd. in April to form a 50:50 joint venture with BlackRock to start its wealth management and broking business. Blackstone Inc. acquired a majority stake in ASK Investment Managers Ltd. while Bain Capital took a minority stake in IIFL Wealth Management Ltd., now known as 360 One WAM Ltd., in 2022. Private equity firm PAG invested in Edelweiss Wealth Management in 2021 and most recently, Peak XV Partners bought a stake in Neo Group. KKR was one of the earliest players and acquired Avendus Capital in 2015, a firm that’s also expanding its wealth business.
