India 2017 RM Headcount League Table

India 2017 RM Headcount League Table

Fast and furious: India’s Top 20 by RM headcount grows at eight times the rate of the region

Compared to last year’s Top 20 wealth managers by RM headcount, the Top 20 class of 2017 added more than 700 RMs to bring the combined total to 1,927 – a sharp YoY increase of 57.3%.

Not only were local players the major hirers, they account for the first 13 positions on the table. Furthermore, the Top 5 firms by RM headcount account for more than half of all RMs, employing 1,061 out of 1,925 front office staff.

India 2017 RM Headcount League Table

RankPrivate Bank/Wealth ManagerTypeYoY % Change2017 RMs2016 RMs2015-2017 CAGR
1HDFC Private Bank   Domestic25.0%250200156.5%
2Karvy Private Wealth   Domestic20.0%234195-
3IIFL Wealth & Asset Management   Domestic3.2%2252186.1%
4Anand Rathi Private Wealth Management   Domestic40.6%18012862.7%
5Edelweiss Wealth Management   Domestic11.0%17215512.1%
6Kotak Wealth Management   Domestic0.0%1101103.8%
7Motilal Oswal Private Wealth Management   Domestic27.7%1068336.4%
8Centrum Wealth Management   Domestic25.0%1008019.5%
9L&T Finance Wealth Management   Domestic21.8%9578-6.2%
10ICICI Private Banking   Domestic27.7%836516.7%
11Axis Bank Wealth Management   Domestic7.1%7570-
12Sanctum Wealth Management   Domestic32.4%453422.5%
13Client Associates   Domestic30.0%3930-
14Standard Chartered Private Bank   Foreign-7.5%3740-1.3%
15ASK Asset & Wealth Management   Domestic6.1%353332.3%
16Julius Baer   Foreign-5.7%3335-2.9%
16Citi Private Bank   Foreign32.0%332528.5%
18Barclays Wealth   Foreign7.1%3028-10.0%
19Ambit Private Wealth   Domestic9.1%242230.9%
20Avendus Wealth Management   Domestic50.0%211444.9%

21Credit Suisse Private Banking   Foreign58.3%191225.8%
22Deutsche Bank Wealth Management   Foreign12.5%18160.0%
23Credence Family Office   Domestic45.5%1611-
24BNP Paribas Wealth Management   Foreign-17.6%1417-14.2%
25Waterfield Advisors   Domestic133.3%73-

Notes:
All figures are as at 31 Dec 2017
Sources and notes are embedded in the ⓘ symbol of each row

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HDFC Private Bank topped the table with a 250-strong frontline, after growing 25% YoY. Rakesh Singh, group head of private banking, said earlier this year that HDFC’s accelerated hiring began as soon as the demonetisation drive kicked off, driving money away from gold and real estate and into financial markets.

Of course, HDFC was not the only bank to take advantage of regulatory changes and bulk up headcount. Anand Rathi posted the highest net increase, adding 52 RMs (+40.6%) to bring its total to 180.

Foreign wealth managers did not fare very well on the hiring front last year with two banks, Standard Chartered Private Bank and Julius Baer, actually reducing RM headcount.

StanChart retained its top spot as the largest foreign player by RM headcount, even with a slight net loss.

Meanwhile, domestic player, Avendus Wealth Management, despite having grown headcount by 50.0% YoY – the highest rate registered amongst all Top 20 firms – came from a low base and rounded out the year with 21 RMs, displacing international giants Credit Suisse and Deutsche Bank Wealth Management to secure 20th place.

RM efficiency: foreign flipside
While domestic wealth managers claimed top spots in both the AUM and RM League Tables, foreign players outshined in the area of AUM per RM – an admittedly crude measure of RM efficiency.

Five of the seven foreign banks sit within the Top 10, led by BNP Paribas Wealth Management. BNP Paribas more than doubled its AUM per RM with an average of US$885.7 million per RM. The figure places BNP Paribas Wealth Management’s Indian franchise just short of Goldman Sachs Private Wealth Management in Asia, whose ultra high net worth bankers have an average book size of US$988.6 million.

In second place with US$314.3 million per RM, is multi-family office, Waterfield Advisors, which advises some 27 clients, at an average of US$81.1 million per client.

Standard Chartered followed, posting an average of US$289.2 million per RM, a YoY increase of US$94.2 million.

And Julius Baer, having slotted India into its then-new emerging markets group in 2016 “to increase productivity and improve the client experience”, rounded out the top four, with an average US$275.8 million per RM – an increase of US$75.8 million on 2016’s figure.

India 2017 AUM per RM League Table (US$ million)

RankPrivate Bank/Wealth ManagerTypeYoY % Change2017 AUM per RM2016 AUM per RM
1BNP Paribas Wealth ManagementForeign106.3%885.7429.4
2Waterfield AdvisorsDomestic-21.4%314.3400.0
3Standard Chartered Private BankForeign48.3%289.2195.0
4Julius BaerForeign37.9%275.8200.0
5Kotak Wealth ManagementDomestic75.8%244.5139.1
6Citi Private BankForeign-13.4%242.4280.0
7Ambit Private WealthDomestic1,087.6%229.219.3
8Deutsche Bank Wealth ManagementForeign19.7%172.2143.8
9ASK Asset & Wealth ManagementDomestic169.5%171.463.6
10Axis Bank Wealth ManagementDomestic44.6%169.3117.1
11Barclays WealthForeign-2.3%150.0153.6
12Credit Suisse Private BankingForeign-14.8%142.1166.7
13ICICI Private BankingDomestic3.1%134.9130.8
14Avendus Wealth ManagementDomestic9.8%133.3121.4
15Client AssociatesDomestic-8.8%82.190.0
16IIFL Wealth & Asset ManagementDomestic15.9%78.767.9
17Edelweiss Wealth ManagementDomestic62.1%77.347.7
18HDFC Private BankDomestic-4.0%31.232.5
19Centrum Wealth ManagementDomestic33.3%30.022.5
20L&T Finance Wealth ManagementDomestic16.4%28.424.4

21Motilal Oswal Private Wealth ManagementDomestic88.3%22.612.0
22Sanctum Wealth ManagementDomestic-2.9%20.020.6
23Credence Family OfficeDomestic3.3%18.818.2
24Anand Rathi Private Wealth ManagementDomestic37.6%17.212.5
25Karvy Private WealthDomestic14.8%12.410.8

Notes:
All figures are as at 31 Dec 2017
All figures are APB estimates

Go to the India 2017 AUM League Table

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