NEW DELHI: InCred Wealth on Monday said it has clocked over $1.2 billion or ₹9,000 crore of assets under management (AUM) with 1,600 high net worth (HNIs), ultra HNI clients and over 75 relationship managers across nine cities, in India in little over a year.
Over the last couple of decades, the fast-growing Indian wealth management industry has largely been dominated by banks and a few specialised wealth firms.
Commenting on the business, Nitin Rao, chief executive officer, InCred Wealth, said, “Our domestic clients are spread across over 50 Indian cities with non-resident Indian (NRI) clients present across 10 countries, which highlights the respect enjoyed by our brand and the breadth and innovation of our product offerings.”
According to the company, it has also able to enhance its reach by partnering a network of financial advisors across the country, providing them with a bespoke menu of product options.
As of now, InCred Wealth offers products ranging from primary and secondary debt and equity, private equity placements, equity structured products, alternative fund opportunities as well as access to global markets.
In recent months, the firm has on-boarded senior UHNI bankers such as Vivek Kapoor and Nakul Beri. Vivek has over 18 years of experience in private wealth management and banking across India and the UK, having previously worked at Barclays Wealth and DSP Merrill Lynch. Nakul has 25 years of corporate and private banking experience across multiple geographies, having worked with Citibank, Standard Chartered, Barclays, with his last assignment in Singapore with Union Bancaire Privee.
“I see immense opportunity in the Indian wealth management industry. Having led businesses globally, I see a lot of potential in transferring the learnings and best-in-class practices from around the world to the InCred Wealth business. We combine world class product innovation capabilities with locally rooted knowledge of the client psyche,” said Bhupinder Singh, founder and group CEO, InCred.
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