RM headcount skyrockets for India’s Top 20
The legions of RMs at India’s Top 20 wealth managers hit a combined total of 3,564 in 2018, registering an impressive 47.7% CAGR since 2015.
Growing in fervour from the year prior, domestic players accounted for the top 16 positions on the table, each deploying different tactics in talent attraction and retention. IIFL Wealth told Asian Private Banker earlier this year that it sought to “attract existing competition by showing them a better platform and growth path, and ownership within the firm”. Edelweiss’s Anshu Kapoor, meanwhile, pointed to in-house training as a pivotal aspect of its growth strategy.
On the part of foreign players, performance was variegated on the hiring front, with Julius Baer taking the top spot with a 21.2% increase in frontline hiring. With 40 RMs, the Swiss pure play overtook 2017’s top foreign hirer, Standard Chartered Private Bank, which saw a 10.8% drop in RM numbers.
Nonetheless, Standard Chartered retained its position at number three in RM efficiency with US$293.9 million AUM per RM, while BNP Paribas Wealth Management continued to lead the pack with US$919.3 million per RM.
India onshore RM headcount
| Rank | Private bank/Wealth manager | Type | 2018 | ||
|---|---|---|---|---|---|
| 1 | ICICI Bank Private Banking | Domestic | 1,250 | - | - |
| 2 | IIFL Wealth & Asset Management 1 | Domestic | 300 | +33.3% | +14.5% |
| 3 | HDFC Private Bank | Domestic | 287 | +14.8% | +96.2% |
| 4 | Karvy Private Wealth | Domestic | 267 | +14.1% | - |
| 5 | Anand Rathi Private Wealth Management | Domestic | 231 | +28.3% | +50.3% |
| 6 | Edelweiss Wealth Management 1 | Domestic | 194 | +12.8% | +12.3% |
| 7 | Motilal Oswal Private Wealth Management 1 | Domestic | 143 | +34.9% | +35.9% |
| 8 | Centrum Wealth Management | Domestic | 132 | +32.0% | +23.5% |
| 9 | Kotak Wealth Management | Domestic | 124 | +12.7% | +6.7% |
| 10 | L&T Capital Markets Limited | Domestic | 118 | +24.2% | +3.0% |
| 11 | Reliance Wealth Management | Domestic | 90 | +200.0% | - |
| 12 | WGC Wealth 1, 2 | Domestic | 88 | - | - |
| 13 | JM Financial Wealth Management 1 | Domestic | 52 | -10.3% | +0.0% |
| 14 | ASK Asset & Wealth Management 1 | Domestic | 52 | +48.6% | +37.5% |
| 15 | Avendus Wealth Management 1 | Domestic | 46 | +119.0% | +66.3% |
| 16 | Client Associates 1 | Domestic | 45 | +15.4% | - |
| 17 | Julius Baer | Foreign | 40 | +21.2% | +4.6% |
| 17 | Sanctum Wealth Management 1, 3 | Domestic | 40 | -11.1% | - |
| 19 | Standard Chartered Private Bank | Foreign | 33 | -10.8% | -4.6% |
| 20 | Barclays Private Clients, India | Foreign | 32 | +6.7% | -4.7% |
| Top 20 | 3,564 | +81.7% 4 | +47.7% 4 | ||
| 21 | Ambit Private Wealth | Domestic | 27 | +12.5% | +24.5% |
| 22 | Deutsche Bank Wealth Management | Foreign | 21 | +16.7% | +5.3% |
| 23 | Credit Suisse Private Banking | Foreign | 18 | -5.3% | +14.5% |
| 23 | Credence Family Office | Domestic | 18 | +12.5% | - |
| 25 | BNP Paribas Wealth Management | Foreign | 15 | +7.1% | -7.6% |
| 25 | Alpha Capital 1 | Domestic | 15 | +7.1% | +14.5% |
| 27 | Waterfield Advisors 1 | Domestic | 7 | 0.0% | - |
All figures are APB estimates unless otherwise stated. Some figures may not correspond exactly with calculated totals or rates due to rounding.
Notes:
‘N/A’ and ‘-‘: data unavailable
Axis Bank Wealth Management RM headcount unavailable for 2018 due to ongoing internal restructuring
Citi Private Bank excluded at the request of the bank
1 Data provided by the bank/wealth manager
2 WGC Wealth: WGC Wealth launched in mid-August 2018 — figures are reflective of only 4.5 months of operations
3 Sanctum Wealth Management: Sanctum commenced operations in April 2016
4 Calculation based on total estimated AUM of the Top 20 as at 31 December of their respective years; Constituents of the Top 20 vary from year to year
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2018 India AUM per RM (USD million)
| Rank | Private bank/wealth manager | Type | |||
|---|---|---|---|---|---|
| 1 | BNP Paribas Wealth Management | Foreign | 919.3 | 885.7 | +3.8% |
| 2 | Waterfield Advisors | Domestic | 314.3 | 314.3 | 0.0% |
| 3 | Standard Chartered Private Bank | Foreign | 293.9 | 289.2 | +1.6% |
| 4 | Kotak Wealth Management | Domestic | 271.2 | 269.1 | +0.8% |
| 5 | Julius Baer | Foreign | 225.0 | 275.8 | -18.4% |
| 6 | Credit Suisse Private Banking | Foreign | 153.9 | 142.1 | +8.3% |
| 7 | Barclays Private Clients, India | Foreign | 153.4 | 150.0 | +2.3% |
| 8 | Deutsche Bank Wealth Management | Foreign | 152.4 | 172.2 | -11.5% |
| 9 | JM Financial Wealth Management | Domestic | 118.1 | 86.2 | +37.0% |
| 10 | ASK Asset & Wealth Management | Domestic | 116.2 | 171.4 | -32.2% |
| 11 | Avendus Wealth Management | Domestic | 84.8 | 133.3 | -36.4% |
| 12 | Edelweiss Wealth Management | Domestic | 75.8 | 77.3 | -2.0% |
| 13 | Client Associates | Domestic | 75.6 | 82.1 | -7.9% |
| 14 | IIFL Wealth & Asset Management | Domestic | 71.3 | 78.7 | -9.4% |
| 15 | Alpha Capital | Domestic | 38.0 | 33.6 | +13.2% |
| 16 | Credence Family Office | Domestic | 34.4 | 18.8 | +83.7% |
| 17 | HDFC Private Bank | Domestic | 31.7 | 31.2 | +1.6% |
| 18 | Sanctum Wealth Management | Domestic | 28.8 | 20.0 | +43.8% |
| 19 | L&T Capital Markets Limited | Domestic | 27.7 | 28.4 | -2.5% |
| 20 | Centrum Wealth Management | Domestic | 27.3 | 30.0 | -9.1% |
| 21 | ICICI Bank Private Banking | Domestic | 20.5 | - | - |
| 22 | Ambit Private Wealth | Domestic | 17.8 | 28.0 | -36.4% |
| 23 | Motilal Oswal Private Wealth Management | Domestic | 14.8 | 22.6 | -34.8% |
| 24 | Karvy Private Wealth | Domestic | 12.6 | 12.4 | +1.5% |
| 25 | Anand Rathi Private Wealth Management | Domestic | 11.9 | 14.8 | -19.5% |
| 26 | Reliance Wealth Management | Domestic | 6.0 | 28.3 | -78.8% |
| 27 | WGC Wealth | Domestic | 3.3 | - | - |
All figures are APB estimates unless otherwise stated. Some figures may not correspond exactly with calculated totals or rates due to rounding.
Notes:
‘N/A’ and ‘-‘: data unavailable
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