India 2018 AUM League Table

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AUM on the ascent at India’s Top 20

In a mercurial 2018 with challenging market conditions, asset gathering amongst India’s wealth managers continued relentlessly, albeit at a more tempered pace. Assets under management (AUM) at India’s Top 20 wealth managers rose 18.3% in 2018 to hit US$193 billion. By comparison, AUM at Asia’s private banks saw a 3.6% dip over the same period in the face of subdued client activity.

Surpassing the US$100 billion threshold, India’s Top 5 wealth managers now contribute to 56.5% of the Top 20’s AUM with US$109.1 billion. While there has been a rejigging of places amongst them, four of the five remain domestic players. On the whole, domestic wealth managers are continuing to expand their reach, accounting for 77.5% of the Top 20’s AUM, up from 63.8% in 2015.

Kotak Wealth Management once again came out on top with a 13.6% uptick in AUM to reach US$33.63 billion. Meanwhile, IIFL Wealth posted the highest AUM growth rate amongst the Top 5 at 20.8% to hit US$21.38 billion, due in part to a few acquisitions, coupled with its efforts in boosting its frontline numbers by over 30%. Across the Top 20, Avendus Wealth Management achieved the most brow-raising AUM growth rate of 39.3% to rank in 13th place with US$3.9 billion, up six places from the year prior.

Having dethroned Standard Chartered Private Bank in 2017, BNP Paribas Wealth Management retained its spot as India’s largest foreign private bank with client assets notching up 11.2% to reach US$13.79 billion in 2018.

Meanwhile, Standard Chartered held on to its spot at seventh place despite a 9.3% dip in AUM to US$9.7 billion. In May 2019, Aman Rajoria, the British lender’s head of private bank, India, told Asian Private Banker that the bank intended to onboard more of their corporate banking clients into the private bank as part of its ongoing client acquisition strategy.

On the other end of the spectrum, Credit Suisse Private Banking has made its way back into the Top 20 by dint of a 2.6% uptick in AUM to reach US$2.77 billion, with the market representing a standout opportunity for the Swiss heavyweight. In February, Benjamin Cavalli, the private bank’s head of South Asia, revealed plans to embark on a rollout of a “completely revamped infrastructure” in Q3 or Q4 2019.

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India onshore AUM (USD billion)

RankPrivate bank/wealth managerType2018 AUM
YoY % change
2015-18 CAGR
AUM incl. loans?
Fund penetration rate*
Minimum asset threshold**
1Kotak Wealth ManagementDomestic33.63+13.6%+51.9%N/A-No defined minimum
2ICICI Bank Private BankingDomestic25.61--N/A-No defined minimum
3IIFL Wealth & Asset Management 1Domestic21.38+20.8%+35.5%No50%INR 15 cr
4Edelweiss Wealth Management 1Domestic14.70+10.5%+68.0%No-USD 1m
5BNP Paribas Wealth ManagementForeign13.79+11.2%+36.7%No-USD 3m
6Axis Bank Wealth Management 2Domestic12.78+0.6%-Yes-INR 5 cr
7Standard Chartered Private BankForeign9.70-9.3%+14.9%No41%USD 1m (account balance) 3
8HDFC Private BankDomestic9.10+16.7%+14.3%N/A61%No defined minimum
9Julius BaerForeign9.00-1.1%+14.5%No-No defined minimum
10JM Financial Wealth Management 1Domestic6.14+22.9%+20.2%No-INR 1 cr (account balance)
11ASK Asset & Wealth Management 1Domestic6.04+0.7%+88.6%No88%USD 5m
12Barclays Private Clients, IndiaForeign4.91+9.1%+5.3%N/A-No defined minimum
13Avendus Wealth Management 1Domestic3.90+39.3%+57.4%No71%USD 5m
14Centrum Wealth ManagementDomestic3.60+20.0%+33.9%No70%USD 1m
15Client Associates 1Domestic3.40+6.2%-No-USD 1m (account balance)
USD 5m (investable assets)
16Karvy Private WealthDomestic3.36+15.9%+17.9%No58%INR 25 lakh (account balance)
17L&T Capital Markets LimitedDomestic3.27+21.1%+36.0%No61%INR 5 cr
18Deutsche Bank Wealth ManagementForeign3.20+3.2%+2.2%N/A-See footnote 4
19Credit Suisse Private BankingForeign2.77+2.6%+11.5%N/A59%No defined minimum
20Anand Rathi Private Wealth ManagementDomestic2.75+3.3%+28.4%No85%INR 5 cr
Top 20193.03+18.3% 8+37.3% 8
21Waterfield Advisors 1Domestic2.200.0%-No95%USD 1m (account balance)
22Motilal Oswal Private Wealth Management 1Domestic2.11-12.1%+44.5%No68%INR 2.5 cr
23Sanctum Wealth Management 1, 5Domestic1.15+27.8%-No30%USD 750K (account balance)
24Credence Family Office 6Domestic0.62+106.7%-No-USD 1m
25Alpha Capital 1Domestic0.57+21.3%+44.2%No87%USD 1m
26Reliance Wealth ManagementDomestic0.54-36.5%+18.7%No95%INR 5 cr
27Ambit Private WealthDomestic0.48-28.5%+17.0%No59%INR 25 lakh for PMS
28WGC Wealth 7Domestic0.29--No88%USD 1m

All figures are APB estimates unless otherwise stated. Some figures may not correspond exactly with calculated totals/rates due to rounding.

Notes:
Mid-market spot rates used as at 31 December for their respective years for non-USD reporting. INRUSD for 2018: 0.01437.
‘N/A’ and ‘-‘: data unavailable
* Percentage of AUM that falls within the funds category
** For reference only; Minimum represents investable assets per client unless otherwise stated; minimum may vary depending on location or account type
Note: Citi Private Bank excluded at the request of the bank

1 Data provided by the bank/wealth manager
2 Axis Bank Wealth Management: AUM listed on table represents clients with AUM of more than INR 5 cr; Total AUM of Axis Bank Wealth Management is US$18.63 billion as at 31 December 2018
3 Standard Chartered Private Bank: Clients have a minimum account balance of US$1 million or generate a minimum of US$10,000 in revenue per year
4 Deutsche Bank Wealth Management: Minimum varies according to location and account type; Private Banking Select for Tier A cities: INR 30 lakh, Tier B cities: INR 10 lakh; Private Banking Infinity: INR 1 cr (all account balance)
5 Sanctum Wealth Management: Operations commenced in April 2016; AUM has grown from INR 3,750 cr (US$0.5 billion) as of April 2016 to INR 8,000 cr (US$1.15 billion) as of December 2018
6 Credence Family Office: AUM excludes assets in depository accounts and real estate investments; Average assets per client are around US$3 million
7 WGC Wealth: WGC Wealth launched in mid-August 2018 — figures are reflective of only 4.5 months of operations
8 Calculation based on total estimated AUM of the Top 20 as of 31 December of their respective years; Constituents of the Top 20 vary from year to year

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