Julius Baer has named Umang Papneja as the new CEO for Julius Baer India as the Swiss private bank seeks to further bolster its position in the country.

The appointment will become effective on 1 August 2022.

Papneja will succeed Ashish Gumashta, who will become the executive chairman of Julius Baer Wealth Advisors (India).

In the new role, Papneja will directly report to Rahul Malhotra, Head Global India and Developed Markets.

Commenting on the appointment, Malhotra said: “With our new leadership team, we have proven leaders who will work closely together to propel our India onshore franchise to the next level.

“We are confident that with Umang’s deep onshore knowledge and network, he will be able to drive our growth strategy and focus on building up a major presence locally by extending our reach into more key cities in India.

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“With his strong background in investments, he will also steer our local product and infrastructure innovation where we will further develop a broader range of sophisticated and relevant products and services catered to the growing community of high-net-worth individuals in India.”

Umang Papneja will be joining Julius Baer India from IIFL Wealth Management where he was serving as the chief investment officer.

Julius Baer also announced that Shitin Desai will retire from the board of Julius Baer Wealth Advisors (India).

Last month, Julius Baer made three key appointments in Southeast Asia.