India Wealth Managers Buck Asia With Rise in Managed Assets
- Kotak’s wealth management arm retains its top AUM spot
- India has average assets per wealth manager of $54 million
The wealth management arm of Kotak Mahindra Bank Ltd. retained the top slot in India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India’s wealth managers saw a rise in assets under management in 2018, bucking a slowing trend in most of Asia, according to a report by Asian Private Banker.
The top 20 wealth firms in India expanded their AUM by 18% over the previous year to $193 billion, the report published Monday showed. In contrast, assets at the 20 largest private banks across the whole of Asia fell 3.6% as market turbulence deterred rich clients from deploying their wealth, according to an APB report in April.