Ameriprise Financial, one of the largest
financial planning firms in the US, has entered the Indian wealth
management market.
The financial services firm has launched
operations in Mumbai and Delhi-NCR where it will offer holistic
services, including wealth planning and management, to affluent
Indian customers.
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India has traditionally been a difficult
market for foreign private banks and wealth managers to break into
because of its regulatory environment and intense local
competition.
Trillion dollar appeal
Ameriprise Financial chairman and chief
executive James Cracchiolo said that India is an important market
for Ameriprise because of its trillion-dollar economy.
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By GlobalDataAmeriprise has had a presence in India since
2000 and has its headquarters in Gurgaon.
Ameriprise had over $650bn in assets under
management and administration to 30 June 2011.
