(Bloomberg) -- One of Credit Suisse's top wealth executives in India has left the bank to join Motilal Oswal Wealth Management Ltd., as competition to manage the country's growing riches intensifies.
Sandipan Roy will be chief investment officer for the private wealth business, reporting to Ashish Shanker who heads the unit, according to a spokesperson for Motilal Oswal. Roy most recently served as director and head of products for Credit Suisse in India, according to his LinkedIn page. Roy didn't immediately respond to messages seeking comment.
Credit Suisse is in the midst of a multi-year restructuring after the emergency takeover by larger rival UBS Group AG last year. While Credit Suisse bankers in many regions lost their jobs after the deal, executives in India wealth were considered safe, given that UBS had stepped away from the region years ago.
India's affluent are important to UBS's new playbook. It planned to add private bankers to reach the rich, and hired Ahmad Azeem in August as portfolio manager for equities to build new products for the bank. Young Jin Yee, who joined UBS as co-head of wealth management in Asia-Pacific in June, visited India in October to talk to executives and outline their strategy, according to people familiar with the matter.
India's wealth is estimated at $600 billion with an annual growth rate of 12%, according to Julius Baer Group Ltd. The rise in assets has increased competition, and both global and domestic players are ramping up their teams to capture a share of this market.
Motilal Oswal's shares have doubled in the past 12 months.
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