At the end of 2019, India’s Top 20 private banks and wealth managers by frontline size employed a total of 4,130 relationship managers, up 16% on the previous year but well below the 5-year CAGR of 40%. ICICI Bank Private Banking remains the largest employer and the only firm to hire over 1,000 RMs while the biggest yearly increase came from Credit Suisse Private Banking (56%) which, while coming from a low base, is also pouring resources into the market.
Meanwhile, some of India’s largest wealth managers, including Edelweiss, Avendus, Kotak, and IIFL, recorded flat or negative headcount growth, in what is likely a reflection of their growing focus on productivity, the impact of their digitalisation programmes, and the high competition for quality, experienced talent.
In terms of AUM per RM, as an overly simplistic measure of productivity, BNP Paribas Wealth Management retained the spot with US$1.5 billion, far more than any other firm on the table. The top domestic player was Waterfield Advisors at US$381 million, followed closely by Kotak.
India onshore RM Headcount
All figures are APB estimates unless otherwise stated. Some figures may not correspond exactly with calculated totals/rates due to rounding. Top 20 totals are as at 31 Dec for their respective years and factor in revised data. Constituents of the Top 20 totals may differ from year to year.
‘N/A’ and ‘-‘: data unavailable
Notes: Citi Private Bank excluded at the request of the bank. Reliance Wealth Management and L&T Capital Markets Limited removed from table as InCred purchased Reliance Wealth Management and L&T Capital’s Dubai wealth business in Nov 2019. IIFL Wealth purchased L&T Capital’s India onshore business in Apr 2019.
India onshore AUM per RM (US$ million)
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