Atul Singh, who helped launch the India operations last year in collaboration with the Liechtenstein royal family backed LGT, hopes to have $3bn in assets under management by the end of next year, according to Bloomberg.
Recent legal reforms that now allow wealthy people to invest abroad through limited liability partnerships enable LGT to provide more options to customers.
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As India’s wealth growth creates a more competitive environment, LGT is one of a number of businesses vying for market share, including Barclays, Julius Baer Group, and HSBC Holdings.
India’s wealth industry is estimated to be worth $600bn with a 12% annual growth rate.
Many wealthy families invest the majority of their money in domestic assets, but LGT Wealth India is attempting to change this by assisting them with risk management.
Currently, the company looks after the assets of roughly 1,200 Indian families.
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By GlobalDataAjay Punjabi, a seasoned relationship manager, and Chirag Doshi, who will oversee fixed income, were recently hired by LGT Wealth India from Credit Suisse Securities (India).
The company, which currently employs 85 private bankers, is attempting to expand its customers by establishing a team in Uttar Pradesh, one of India’s most populated states.
Additionally, the firm also intends to tap into the global client base of main shareholder LGT, which oversees more than CHF305.8bn ($348bn).
Earlier this month, LGT, the Princely Family of Liechtenstein’s international private banking and asset management group, earned a combined profit of CHF223.6m ($254m) in the first half of 2023.
Higher client assets and a favourable interest rate environment contributed significantly to LGT’s H1 2023 performance.
