(Bloomberg) -- Avendus Group named veteran private banker Apurva Sahijwani as the new chief executive officer for its wealth management business as it expands services for family offices and India's wealthy.
Avendus Wealth Management was established in 2010 and currently manages more than $6 billion of assets for its family office, corporate and wealthy clients, according to a statement Wednesday detailing the appointment. Nitin Singh, who previously led the business, left to head Barclays Plc's Asia private bank last year.
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Avendus' businesses include investment banking, institutional equities, wealth management, credit solutions and asset management.
Sahijwani most recently spearheaded Axis Bank's private banking business known as Burgundy Private, which became one of the largest wealth management businesses in the country after merging with Citigroup's wealth business, according to a bank presentation. Sahijwani has worked at Axis since 2015 and prior to that was at Citigroup, HSBC Holdings Plc, ICICI Bank and Kotak Securities, according to his LinkedIn page.
India's booming stock markets and entrepreneurship are creating wealth and its $600 billion wealth industry is growing at 12% annually, according to Julius Baer Group Ltd. India's ultra-rich cohort is expected to see the fastest pace of growth by 2028, according to Knight Frank.
Global banks like HSBC and Julius Baer are doubling down on building out their wealth businesses in the country, as are Barclays and UBS Group AG. Local firms like ICICI Bank, Axis and Kotak Mahindra Bank are also expanding their reach to grab a share of India's expanding wealth pool.
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