ICICI Securities, a subsidiary of India-based ICICI Bank, is looking to double the headcount of its wealth managers and increase its assets from wealthy clients to $60bn over the next two years, reported Bloomberg.
The ongoing chaos at Credit Suisse Group and the doubt around its wealth activities in India could open up new recruitment opportunities, ICICI Securities private wealth management business head Anupam Guha was quoted by the publication as saying.
The wealth management subsidiary currently employs approximately 350 relationship managers and around 100 virtual managers.
India has witnessed a 12% annual growth of its $600bn wealth market amid an increase in number of people opting for professional wealth management service.
A number of large Indian banks, including ICICI, Axis Bank and Kotak Mahindra Bank, are trying hard to increase their assets under their management by adding more wealthy clients into their folds.
Besides, HSBC intends to introduce its onshore private banking business in India to take a share in the Indian wealth market, while Julius Baer Group and LGT Wealth India are strengthening their wealth activities in the country.
ICICI’s assets more than tripled to $39.47bn last year from $12bn in 2019. During these three years, the bank’s private wealth clients also surged to 80,000 from 30,000, Guha told the publication.
Guha said: “We used to clock INR2bn ($24.3 million) of revenues in 2019.
“Today we clock that amount every quarter.”
He further noted that ICICI’s wealth arm primarily includes Indians with $1m to $50m of wealth.
Guha added: “There are nearly 800,000 Indians in this group, essentially ‘grown-rich Indians’ who value brand, good service and are willing to pay for advice.”