Former Edelweiss Financial Services chief executive Nitin Jain has launched a new asset management and financial advisory platform named Neo Group.

The group consists of four businesses, namely, Neo World, Neo Asset Management, Neo Multi Family Office and Neo Leaf.

Neo World will be headed by former Edelweiss Wealth and Asset Management president and Macquarie Group ex-country head Varun Bajpai.

Edelweiss Asset Management ex-CEO Hemant Daga will lead Neo Asset Management as CEO.

Edelweiss Capital External Asset Managers ex-senior executive vice-president A Srikanth will take over as CEO of Neo Multi Family Office.

The company claimed its executive team holds a cumulative experience of more than 100 years and $40bn of assets under advice.

Neo Group, which intends to cater to both retail and institutional clients in India, currently manages assets of approximately $1bn.

The company also raised $40m in funding from private investors.

Jain said: “India’s current household financial wealth stands at around $ 3 trillion and is likely to grow at 17-18% over the next decade.

“This is happening at a time when interest rates in India are at historic lows and the need for sophisticated and responsible financial advisory offering inflation beating, high yielding investment options is increasing. Neo Group through its multiple businesses will strive to fill that gap and provide clients with trustworthy, transparent and unbiased investment solutions.”

Recently, a report by PTI said that WhiteOak Capital Asset Management is moving to expand its footprint across India by opening nearly 100 branches