Awards for Distinction 2013 – India


AFD2013_Best Private Bank - India

Deutsche Asset & Wealth Management

Ajay Bagga

Ajay Bagga
Managing Director and Head of India
Deutsche Asset & Wealth Management

As the lure of India’s high net worth segment intensifies, those private banks that maintain a dedicated onshore presence hold an enviable advantage over their peers. And the prize for topping the rankings is considerable. Despite concerns regarding slowing economic growth and ballooning debt, the total net worth of India’s billionaires is more than double its fiscal deficit and the market continues to be woefully under-banked.

Of the banks that dominate in India, few have moved beyond brokerage services to offer a full spectrum of services. Of the ones that have, Asian Private Banker deems one bank worthy of the Best Private Bank – India award. Deutsche Asset and Wealth Management (DeAWM) has had a private banking presence in the country for more than 17 years and can substantiate its claim to be the private bank of choice for the nation’s wealthy in multiple ways.

The bank has demonstrable on-ground expertise with 97 banking professionals including 20 relationship managers, six investment advisors and ten account managers in offices across eight Indian cities. The investment into building onshore capabilities has reaped rich dividends for DeAWM – it serves 19 out of the Forbes Top 100 list of richest Indians and AUM for the private banking business have grown by 19% per annum over the last five years.

This consistent AUM growth is particularly impressive coming, as it does, against a backdrop of slowing economic growth that has resulted in a number of private banks either having to run loss-making onshore wealth management businesses or exit the country altogether.

Thus, its demonstrable long-term commitment to onshore wealth management in India, its ability to offer Indian high net worth individuals and ultra-high net worth individuals an innovative product suite, and its ability to remain profitable while continuing to grow its footprint, make Deutsche Asset and Wealth Management the deserved winner of the Asian Private Banker Best Private Bank – India award.