India's Neo Group Ltd. hired senior banker Tajinderr Pal Singh Bhatia as a founding member and president of its wealth business, said people familiar with the matter, as demand for private bankers heats up in the the country's fast-growing wealth management industry.
Bhatia joined on Tuesday and is looking to hire a team of nearly two dozen relationship managers, said the people, who asked not to be identified because the information is private.
A surge in new millionaires — driven by record-setting initial public offerings, private equity, and a booming stock market — has fueled a hiring war in wealth management as local players compete for top talent. The industry in India is projected to double its assets to $2.3 trillion by the 2029 fiscal year, up from $1.1 trillion in fiscal 2024, according to a report by Deloitte.
Bhatia has over two decades of experience and most recently worked as an executive director at Centrum Wealth Ltd., according to his LinkedIn page.
“We respect his decision to pursue a new professional opportunity and wish him success in his future endeavors,” said a spokesperson for Centrum Group. Neo Group did not reply to Bloomberg's email seeking comment.
The hire is the latest addition for Indian wealth manager Neo Group, which hired UBS Group AG's local wealth head Puneet Matta as vice-chairman last month. The firm was founded by banker Nitin Jain in 2021. Neo Wealth has 800 billion rupees ($8.9 billion) under management.
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