India 2018 RM Headcount League Table

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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.

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India onshore RM headcount

RankPrivate bank/Wealth managerType2018
YoY % change
2015-18 CAGR
1ICICI Bank Private BankingDomestic1,250--
2IIFL Wealth & Asset Management 1Domestic300+33.3%+14.5%
3HDFC Private BankDomestic287+14.8%+96.2%
4Karvy Private WealthDomestic267+14.1%-
5Anand Rathi Private Wealth ManagementDomestic231+28.3%+50.3%
6Edelweiss Wealth Management 1Domestic194+12.8%+12.3%
7Motilal Oswal Private Wealth Management 1Domestic143+34.9%+35.9%
8Centrum Wealth ManagementDomestic132+32.0%+23.5%
9Kotak Wealth ManagementDomestic124+12.7%+6.7%
10L&T Capital Markets LimitedDomestic118+24.2%+3.0%
11Reliance Wealth ManagementDomestic90+200.0%-
12WGC Wealth 1, 2Domestic88--
13JM Financial Wealth Management 1Domestic52-10.3%+0.0%
14ASK Asset & Wealth Management 1Domestic52+48.6%+37.5%
15Avendus Wealth Management 1Domestic46+119.0%+66.3%
16Client Associates 1Domestic45+15.4%-
17Julius BaerForeign40+21.2%+4.6%
17Sanctum Wealth Management 1, 3Domestic40-11.1%-
19Standard Chartered Private BankForeign33-10.8%-4.6%
20Barclays Private Clients, IndiaForeign32+6.7%-4.7%
Top 203,564+81.7% 4+47.7% 4
21Ambit Private WealthDomestic27+12.5%+24.5%
22Deutsche Bank Wealth ManagementForeign21+16.7%+5.3%
23Credit Suisse Private BankingForeign18-5.3%+14.5%
23Credence Family OfficeDomestic18+12.5%-
25BNP Paribas Wealth ManagementForeign15+7.1%-7.6%
25Alpha Capital 1Domestic15+7.1%+14.5%
27Waterfield Advisors 1Domestic70.0%-

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)

RankPrivate bank/wealth managerType
2018 AUM per RM
2017 AUM per RM
YoY % change
1BNP Paribas Wealth ManagementForeign919.3885.7+3.8%
2Waterfield AdvisorsDomestic314.3314.30.0%
3Standard Chartered Private BankForeign293.9289.2+1.6%
4Kotak Wealth ManagementDomestic271.2269.1+0.8%
5Julius BaerForeign225.0275.8-18.4%
6Credit Suisse Private BankingForeign153.9142.1+8.3%
7Barclays Private Clients, IndiaForeign153.4150.0+2.3%
8Deutsche Bank Wealth ManagementForeign152.4172.2-11.5%
9JM Financial Wealth ManagementDomestic118.186.2+37.0%
10ASK Asset & Wealth ManagementDomestic116.2171.4-32.2%
11Avendus Wealth ManagementDomestic84.8133.3-36.4%
12Edelweiss Wealth ManagementDomestic75.877.3-2.0%
13Client AssociatesDomestic75.682.1-7.9%
14IIFL Wealth & Asset ManagementDomestic71.378.7-9.4%
15Alpha CapitalDomestic38.033.6+13.2%
16Credence Family OfficeDomestic34.418.8+83.7%
17HDFC Private BankDomestic31.731.2+1.6%
18Sanctum Wealth ManagementDomestic28.820.0+43.8%
19L&T Capital Markets LimitedDomestic27.728.4-2.5%
20Centrum Wealth ManagementDomestic27.330.0-9.1%
21ICICI Bank Private BankingDomestic20.5--
22Ambit Private WealthDomestic17.828.0-36.4%
23Motilal Oswal Private Wealth ManagementDomestic14.822.6-34.8%
24Karvy Private WealthDomestic12.612.4+1.5%
25Anand Rathi Private Wealth ManagementDomestic11.914.8-19.5%
26Reliance Wealth ManagementDomestic6.028.3-78.8%
27WGC WealthDomestic3.3--

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

View the India 2018 AUM League Table

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