Swiss private bank J. Safra Sarasin Group is closing its Indian wealth management joint venture, Sarasin Alpen, after it failed to create significant scale in a competitive market hit by slowing economic growth.
Sarasin Alpen, which is a joint venture between J. Safra Sarasin and Dubai-based Alpen Capital, was set up in India nearly three years go.
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Following the closure, assets of the venture, which had roughly 20 staff in its India unit, will be handed back to clients, or the relationship manager will move with his client assets to another private bank.
Sarasin Alpen had assets under management of around US$100 million, according to a Reuters’ report.
According to Reuters, the reason behind this move could be the dwindling growth opportunities limited by regulations that limit product offerings and also due to the hiding billions of dollars of personal wealth from tax officials in India.
The decision is part of J. Safra Sarasin’s renewed focus on core markets in Europe.
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By GlobalDataRecently Morgan Stanley has also sold its India wealth management arm to Standard Chartered and Societe Generale has revealed intentions to sell its Asia private banking arm.
