India 2016 AUM League Table
India’s 20 largest wealth managers grow their AUM by 33% in 2016
India’s private banking industry grew at a healthy pace in 2016, with the 20 largest private banks and wealth managers in the country growing their client assets by a combined 33.8% YoY to US$103.7 billion, according to Asian Private Banker’s India AUM and RM Headcount League Tables for 2016.
India AUM (US$ billion)
|2016 Rank||Wealth Manager||2016||2015||2015-2016 YoY|
|1||Kotak Wealth Management||15.3||9.6||59.3%|
|2||IIFL Wealth & Asset Management||14.8||8.6||72.1%|
|3||ICICI Private Bank||8.5||7.6||11.8%|
|4||Standard Chartered Private Bank||7.8||6.4||21.9%|
|5||Edelweiss Wealth Management||7.4||3.1||138.7%|
|6||BNP Paribas Wealth Management||7.3||5.4||35.2%|
|8||Citi Private Bank||7.0||6.0||16.7%|
|9||HDFC Private Bank||6.5||6.1||6.6%|
|11||Sanctum Wealth Management||3.0||2.5||20.0%|
|12||Deutsche Bank Wealth Management*||2.3||3.0||-23.3%|
|13||ASK Wealth Advisors||2.1||0.9||133.3%|
|14||Credit Suisse Private Banking||2.0||2.0||0.0%|
|15||L&T Finance Wealth Management*||1.9||1.3||46.2%|
|16||Centrum Wealth Management||1.8||1.5||20.0%|
|17||Avendus Wealth Management||1.7||1.0||70.0%|
|18||Anand Rathi Wealth Management||1.6||1.3||23.1%|
|20||Ambit Private Wealth||0.4||0.3||36.7%|
All figures are APB estimates, and are reported in US dollars.
Banks may include loans and deposits
*Figures represent bank’s/wealth manager’s estimates
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Kotak Wealth Management tops the AUM table
Perched at the top of the table is the private banking arm of Kotak Bank, Kotak Wealth Management, which had US$15.3 billion in AUM at the end of the year. The domestic lender saw its AUM swell by 59.3% in 2016.
IIFL Wealth Management was half a billion shy of the top spot, with its US$14.8 billion in AUM placing the wealth manager second. Last year, the firm restructured its business lines, folding its asset management unit into its wealth management arm to create IIFL Wealth and Asset Management.
Universal bank ICICI came in third with its private bank having US$8.5 billion in client assets, a 11.8% YoY increase.
Edelweiss Wealth Management, meanwhile, saw the largest jump in its book, which rose 138.7% and lifted the firm’s ranking from 10th in 2015 to fifth by the end of last year.
On the other hand, Deutsche Bank Wealth Management’s AUM slipped by 22%, resulting in the German lender sliding from 11th to 12th in the rankings.
Domestic wealth managers dominate India onshore
The dominance of domestic wealth managers in the onshore market continues, with the 13 domestic players on the AUM league table having a combined US$66 billion in client assets, representing nearly two-thirds (64%) of the total assets held by the top 20. While they have mostly registered double-digit growth, the seven foreign players account for 36% of the market.
Indeed, the onshore market has both attracted and repelled foreign private banks with sights on India’s growing HNW market. Over the past few years, there have been a number of notable foreign private bank exits, including HSBC Private Bank, UBS Wealth Management, Morgan Stanley Private Wealth Management and EFG. Many of those that have remained are turning to a “global Indian” strategy, which allows them to leverage their offshore NRI client bases and their onshore India footprints.
All the while, domestic players, particularly the boutique wealth managers, have forged ahead under different growth strategies. Last year, RBS India was spun off to create Sanctum Wealth Management, under Shiv Gupta’s leadership. Centrum Wealth Management partnered with consumer bank Lakshmi Vilas Bank to leverage its relatively large distribution footprint and established franchise.
Continue on to the India 2016 RM Headcount League Table
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