India private wealth management AUM soars past US$670bn
Top 30 companies
The combined AUM of India’s top 30 private wealth management companies surged past US$670 billion for the first time in 2023, fuelled by a rally in the country’s stock and bond markets. In terms of the individual rankings, ICICI Bank Private Banking, Kotak Private Banking, and HDFC Bank held onto the top three spots.
Rising RM headcount
Hiring shows little signs of slowing down
The number of RMs working in India’s private banking and wealth management industries soared past 9,400 during 2023, as players sought to deepen their presence in crucial market segments like HNW, as well as boost their penetration into tier-two and tier-three cities.
Wealth race gathers speed
Market rally fuels record AUM
While a rally in markets has helped generate tens of billions of dollars in new AUM for Indian private banks and wealth managers, industry players have also been capitalising on rising demand for their services with new investment offerings, digital tools and geographical expansion.
