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Roundtable

FINDING A WINNING PRIVATE


BANKING STRATEGY IN INDIA
India’s private banking and industry a more structured way to
wealth management leaders need to develop and ensure higher standards
think long term – and on a bigger – for example, creating registers of
scale than anything which exists today advisers which have been engaged in
– if they are to take full advantage of wrong-doing, in turn creating more
the many opportunities in the market. trust and confidence among clients.

This requires the industry to over- Another key challenge highlighted is


come the many challenges it faces. the fact that many firms in India en-
These include the changing dynamics gage in private wealth management –
of the market, far-reaching regulatory not private banking.
changes over the past two to three
years, high cost-income ratios, a shal- And with more than 40% of savings
low talent pool, the race for assets, going into real estate, organisations
and a limited product set. which don’t have a lending proposition
and just rely on wealth management
Collaboration is one way to achieve a or private banking might find it diffi-
consistent and united voice as a start- cult to make money.
ing point, said participants. As is pro-
active and appropriate regulation. The right business model might also
require a move away from the tradi-
These were some of the thoughts of tional and Western-style asset-gath-
chief executive officers (CEOs) and ering approach, and instead towards
other senior management in the In- ensuring profitability by only taking on
dian private banking and wealth man- client assets which yield a return on
agement market at a private round- capital.
table discussion hosted by Hubbis in
Mumbai in April 2012. A potential way the industry might
evolve is also through fragmentation
Ultimately, succeeding in Indian pri- of firms and clients – given that many
vate banking might mean building a clients are model-agnostic so pick-
new type of business, said some CEOs, and-choose what is best-in-class from
given that the industry was so focused a particular model.
pre-2008 on execution rather than
training relationship managers and In terms of some of the other emerg-
educating clients. ing opportunities, industry leaders
said there is some potential for an
For further information, This requires firms to first get togeth- external asset management model as
please contact: er to work towards the establishment a complementary offering. Further,
of a more robust industry, and there- there needs to be a shift from a prod-
Hansi Mehrotra
fore to be patient. uct strategy to a portfolio strategy to
Managing Director, India
Hubbis bring the right offering to those clients
T 91 22 4070 0371 Yet there is strong demand, it seems, who are willing to pay for advice.
E hansi.mehrotra@hubbis.com for a self-regulatory body to give the

Hansi Mehrotra | Managing Director, India | T 91 22 4070 0371 | E hansi.mehrotra@hubbis.com 1


FINDING A WINNING PRIVATE BANKING STRATEGY IN INDIA

Chairperson

Hansi Mehrotra
Managing Director, India
Hubbis

Participants

Ajay Bagga Nitin Rao


Head of Private Wealth Management Senior Executive Vice President
India Private Banking Group & Third Party Products
Deutsche Bank HDFC Bank

Amit Pande Rajesh Saluja


Head Privee, Private Banking Chief Executive Officer & Managing Director
Axis Bank ASK Wealth Advisors

Anshu Kapoor Rohit Bhuta


Head, Private Wealth Management Chief Executive Officer
Edelweiss Capital Religare Macquarie Private Wealth

Anurag Seth Sameer Kaul


Head, Global Wealth Management Head & Global Market Manager, India
Quant Capital Advisors Citi Private Bank

PR Dilip Sharad Sharma


Managing Director Country Head, Wealth Management
Impetus Wealth Management BNP Paribas Wealth Management

Karan Bhagat Shiv Gupta


Managing Director & Managing Director, Private Banking India
Chief Executive Officer RBS Private Banking
IIFL Private Wealth Management

In the shorter term, therefore, it is tablishing specific plans, firms need to


about doing what it takes tactically to think shorter term with specific mile-
INDUSTRY TRENDS & achieve individual milestones so each stones. And for foreign players, global
OUTLOOK firm can meet the goals it sets as part parent companies must be supportive
of the longer term strategy. of these timeframes.

Hansi Mehrotra: As a starting point,


From our perspective, the scale needs Sharad Sharma: I have a slightly dif-
what is your outlook for the private
to be much larger than anything which ferent view after being a practitioner
banking industry in India, and how are
exists in the market today. for 10 years in the wealth manage-
you positing your organisations?
ment space as a foreign player. We
This means that the focus should be saw good growth of wealth manage-
Shiv Gupta: When I think about the
much longer than four or five years, ment business in the past, especially
outlook for private banking in India,
even if this creates forecasting and from 2004 to 2007.
we should all look at the industry as
planning difficulties.
something which we need to scale if
However, the industry now faces vari-
we are to take full advantage of the
Hansi Mehrotra: So what does long ous issues, such as changing dynam-
opportunities over the long term.
term in a private banking strategy? ics of the market and the regulatory
changes over the past two to three
This requires all market leaders to po-
Shiv Gupta: When establishing stra- years. After seeing what is happen-
sition themselves in a way which can
tegic intent, this means thinking over ing in India, my personal view is that
do this.
the next five to 10 years; but when es- banks create suitable platforms for

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FINDING A WINNING PRIVATE BANKING STRATEGY IN INDIA

Nitin Rao
HDFC Bank

meeting their clients’ needs even if Rohit Bhuta: The industry has shot are asking for direction and leadership
this may require segregation of their itself in the foot. Pre-2008, it was but are not getting it simply because
private banking businesses. all about execution, and clients and there is no know how of how to.
advisers were all making money, so
With a hybrid model, there is a fair firms didn’t focus on training rela- I am looking for advisers with the right
amount of duplication that has cost tionship managers (RMs) effectively. skill-set but I can’t find them, and
and compliance implications. As a re- RMs moved from one organisation to that’s a conundrum.
sult, we have to have clear rules stat- another, receiving salary increases of
ing what is possible to do within the anywhere from 10% to 50%, and we So while having a three- to five-year
existing platforms. are now finding ourselves in a situa- outlook is great, as an industry we need
tion where the remuneration levels are to accept that while we go through the
This won’t happen quickly, so taking not in line with their underlying skill- training and education process, we will
a view over three to five years is a set. Many firms are finding that clients lose first before we gain.
reasonable timeframe.

Nitin Rao: Somebody recently asked


me whether we could grow the busi-
ness five-times in the next three years
and I almost fell out of my chair. There
are many challenges, and post-regula-
tory changes we need to build a new
type of business.

Given that the costs are high, while


income is increasingly difficult, re-
building the business has to be done
in a viable way. As a result, I see con-
solidation over the next year or so.
Then, when there is a recovery and
firms start making money, better cost-
income dynamics will make it possible Hansi Mehrotra
to grow the business. Hubbis

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FINDING A WINNING PRIVATE BANKING STRATEGY IN INDIA

We must all admit first and foremost


that a robust wealth management in-
dustry has not in fact existed in India.
Acceptance is half the battle won – we
then need to get together as industry
leaders to work towards the establish-
ment of the industry. There will in-
evitably be losses before any business
of significance can be achieved – pa-
tience must be the name of the game
at least for the next 24 to 36 months.

Amit Pande: Even though Indian


private banking is clearly a long-term
business, the industry is going through
a consolidation phase right now, and
Sameer Kaul
internally every firm is going through Citi Private Bank
its own challenges at the moment,
either locally or globally, as a result Sameer Kaul: Income appears to be Further, I agree that there is a lack of
of the rising cost-income pressures. falling while costs continue to rise, and talent, and many people are not really
However, firms are are contributing to I am curious as to whether enough private bankers in the true sense, and
the increasing costs because many of firms in the industry are really think- instead just push products.
us are competing for the same amount ing about the cost-income challenge.
of manpower. For Citi, our thought process is to con-
A key challenge to address is the fact tain expenses and hire selectively peo-
The industry is facing a challenge in that most firms in India do private ple with a certain amount of vintage
scaling up the advisory calls across wealth management – not private who can add value to our clients. We
all clients because of capability is- banking. With roughly 42% of the also have a very defined target market
sues among the client relationship savings of clients in this country go- for private banking clients, and we see
side of business, therefore leading to ing into real estate, firms which don’t opportunities in terms of leveraging
deviations between model versus cli- have a lending proposition and just and real estate.
ent portfolios. This is leading to the rely on wealth management or private
dilution of value proposition which the banking will find it difficult to make Increasingly, when we start to deal
platform brings to the clients. money. with clients who have more than 50
to 100 crores which they want us to
manage, we are walking away from
transactions because there’s nothing
on the table. Further, there is increas-
ing price-cutting by some local and
multi-national players.

Shiv Gupta: I was somewhat encour-


aged when there was talk previously
in the industry about a self-regulatory
body, whether this is supervised or
not, because getting together in a
slightly more structured way would be
a forum to address these issues. For
example, creating registers of advisers
which have been engaged in wrong-
Amit Pande doing will help to strengthen the in-
Axis Bank dustry in the long run.

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FINDING A WINNING PRIVATE BANKING STRATEGY IN INDIA

formance reviews – whereas a person


who is totally independent gives unbi-
ased advice which the client is able to
understand and accept.

Revenue models based on pure advi-


sory fees increase the trust-level of
the client. However, at present, advis-
ers in India don’t have much of pricing
power, partly because of the lack of
awareness about the need for prudent
financial planning or asset allocation,
and partly because of the general lack
of trust.

Anshu Kapoor I find that clients insist on meeting the


Edelweiss Capital senior-most official in the organisation,
even though other wealth managers
are very adequately experienced and
In addition, whether it is called pri- The challenges include people, in well-qualified. This creates a problem
vate banking or private wealth man- terms of trying to create a supply in terms of being able to scale up the
agement, firms need to find a vehicle chain, and also penetration, in terms business. The most sought-after ser-
which allows them to aggregate which- of trying to do more with each client vice model by UHNIs is a blend of the
ever products and services they offer given that owner-promoters have two size and scale of a large organisation
as efficiently as possible – whether balance sheets – the corporate side combined with highly personalized
these include banking, investment and the private wealth. Also, creating services of small financial boutique.
services, wealth planning, credit ser- distribution by using technology is a
vices or whatever other overlays they hurdle to overcome, for example use Nitin Rao: My approach is to take the
choose to provide. mobile offerings to deliver services or 150 people within private banking who
client experience at lower cost, and to were each providing a mix of products
So I would like to see a distinct um- provide scale. and services, and then segregating
brella regulatory framework with a their duties.
clear set of guidelines which address- Our approach has been to try to invert
es all the activities we provide and a the cost structure in some way by cre- This has involved us having 100 in-
vehicle which firm can use in an ef- ating an independent consulting mod- dividuals who have an investment
ficient way to be able to deliver that, el, where we try to find entrepreneurs
whether this is an NBFC or a bank. rather than employees and give them
access to our entire platform. We’ve
hired about five to six people to do

FINDING THE RIGHT this so far, and the results are encour-
aging. They use our brand to support
BUSINESS MODEL and train them. Because they are in-
dependent, there is no fixed cost.

Anshu Kapoor: We believe that the


PR Dilip: In my experience, the most
opportunity in India will surprise us,
effective financial adviser is one who
so we need to find the right revenue
can think independently without bear-
and business models.
ing in mind any of the his own busi-
ness imperatives while advising a
However, what’s happened to date is
client. Someone who is employed
that we’ve copied the global wealth
within an organisation works under a
management asset-gathering ap-
proach. Yet clients in India are differ-
controlled environment – often with PR Dilip
ent.
weekly, monthly and quarterly per- Impetus Wealth Management

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FINDING A WINNING PRIVATE BANKING STRATEGY IN INDIA

background to operate as plain vanilla


bankers, making it possible to run a vi-
able cost-income model at that end of

Many clients, even in the UHNI


the organisation. We have then taken
the other 50 or so advisers to develop
them into mid-tie private bankers, tar-
geting the 1 to 10 crore segment. Over
that we can then build the UHNI prop-
segment, still don’t use third-party
osition and offer family office services.
This creates a feed of talent to service wealth managers and prefer to remain
dependent on their chartered accountants
the different client segments.

Rajesh Saluja: While the long-term


opportunity is clear, I don’t think the
industry has got going yet. It’s not
or tax advisers.
there either in terms of client sophisti-
cation or quality of advisers. Also, the
products we offer tend to be vanilla
most of the time.
This focus on profitability is also the and auditing the sales process, will
In the short term, therefore, the strat- case for foreign players, which used create more trust and confidence
egy for many firms is to look at offer- to have a much longer horizon in In- among client. Many clients, even in
ing alternative investments which are dia but today don’t want to accept 10 the UHNI segment, still don’t use third
proprietary in nature and for which the years of loss-making with bloated cost party wealth managers and prefer to
margins are better – especially in real structures. remain dependent on their chartered
estate and private equity. accountants or tax advisers.
This will lead to some short-term pain
A big change that I foresee going for- as firms downsize to change costly Ajay Bagga: There are various dy-
ward is a move away from the previ- structures. namics to bear in mind as we look at
ous focus on building AUM. Instead, the private banking industry. First, it
profitability is now key, so many firms Another big factor which will take the is coming off the back of multi-year
will move away from unprofitable cli- industry to a different level is clearly product non-performance, so now is
ents and from taking on AUM which regulation, where doing things like the time to look at cost-income ratios,
doesn’t yield good returns on capital. having registered advisers and firms, and it is creating a cautious mind-set.

Ajay Bagga
Deutsche Bank

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FINDING A WINNING PRIVATE BANKING STRATEGY IN INDIA

Given the limited product set, firms


have to rely on technology, the
aggregation of information, and
possibly the good administration of
assets to differentiate themselves.
Karan Bhagat
IIFL Private Wealth Management

Secondly, there will always be a few el, and on mind share, which is what Going forward, most clients which are
less rational players in the industry clients are looking for. today giving us a retention of 55 to
among the 25 or so players which will 70 basis points should move towards
look to buy market share. Karan Bhagat: From a client perspec- 100 to 120 basis points. This will be
tive, average returns for the last five possible if the structure allows it and
Thirdly, the macro outlook for India years on a compounded basis, subject if we can add some kind of alpha to
has been revised negatively, so most to a client managing their portfolio the portfolio.
foreign firms are likely to explore the very well, would be in the region of
options of China and then Indonesia 7% to 9%. And that too, if two-thirds Given the limited product set, firms
before India. of their assets had most likely been in have to rely on technology, the ag-
fixed income rather than equities. As gregation of information, and possibly
Fourthly, when we look at mutual fund a result, the quantum of commissions the good administration of assets to
AUM, it has gone down to June 2009 earned will automatically be capped. differentiate themselves.
levels, and people are moving out of
the insurance sector too. This is bring-
ing a lot of pressure on fees, which is
impacting private banks.

Finally, when I look to the future,


firms need to keep a close watch on
the bottom line to ensure they can
continue to survive. I think customers
are model-agnostic and will pick and
choose what is best-in-class from a
particular model. As a result, I don’t
think there will be consolidation, and
instead we will see fragmentation of
firms and clients.

Anurag Seth: I agree that the indus-


try will stay fragmented, and firms are
struggling between focusing on mar- Shiv Gupta
ket share, through a discounting mod- RBS Private Banking

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FINDING A WINNING PRIVATE BANKING STRATEGY IN INDIA

At the moment, it seems the crucial


factor is the survival as models evolve.
But I think we will see wealth manage-
ment at least in the form of preferred
banking leapfrog, in the same way as
we saw in the telecom industry.

Rajesh Saluja: We are seeing issues


around scalability in the UHNI seg-
ment. These clients want to interact
with the most senior person in the or-
ganisation, because they believe these
individuals have the knowledge and
probably will have more continuity.

Rohit Bhuta That means three or four people re-


Religare Macquarie Private Wealth gardless of how many advisers we
have. So even if we scale the business
to 50 advisers, for example, there will
With AIF guidelines and other instru- performance from a correlation per-
only be a handful of people which are
ments, I hope to see more diversity of spective, whether over a one-year or
really managing clients. This is to do
portfolios. Once that happens, clients five-year timeframe. So given the mar-
with trust, as well as a loss of faith
won’t be against paying a certain per- ket circumstances over the past year
from clients as they see RMs continu-
centage of their returns. or so, we should be realistic about the
ing to move firms. Even when we hire
extent to which any structural trans-
new advisers, we need to look at how
formation can take place.
much in AUM they actually bring with
A UNITED & Rohit Bhuta: It is important that as
them – as it is only about 10% to 20%

CONSISTENT VOICE an industry we continue to come to-


maximum.

gether on a regular basis to discuss


There are no magic answers because
our macro issues, industry issues,
Hansi Mehrotra: What would you as of the limited resources available. But
training issues and others, as a cat-
industry leaders aim to achieve if you to expand the wealth management
alyst to the establishment of a more
were to get together more often to business and acquire more clients will
formal wealth management industry.
discuss the various issues such as we
have touched on already?
It is about saying the same things in
the same language to encourage regu-
Shiv Gupta: We need to be realistic,
lators to ultimately establish this in-
in the sense that most firms enter the
dustry.
market driven by a certain amount of
self-interest, so look to do what they
This will however only work if the fo-
think is the right combination of activi-
rum is taken in the right spirit, which
ties for them and their objectives.
is for the betterment of the industry,
and not used to judge each others’
With this in mind, regulation of any
businesses.
nature – whether it is supervised or
self-regulated by the industry – will
Ajay Bagga: A key issue we face as
create higher standards in the indus-
an industry is that we call ourselves
try and improve its credibility overall.
private bankers, but we need to be
clear about what we are really offer-
One of the challenges for private bank-
ing which a small time broker in the
ing is that there is always a dispro-
local neighborhood cannot provide to Rajesh Saluja
portionate contribution from market
the investors. ASK Wealth Advisors

Hansi Mehrotra | Managing Director, India | T 91 22 4070 0371 | E hansi.mehrotra@hubbis.com 8


FINDING A WINNING PRIVATE BANKING STRATEGY IN INDIA

To be able to scale this, we would As a result, we all need to be con-


need to identify good quality people cerned about who we are putting in
in different parts of the country and front of the client, in terms of the in-
they would act as channel-partners to tegrity of that individual. The indus-
service the clients directly. try would benefit from having higher
industry standards which will make it
Rajesh Saluja: I think there is a re- more difficult for people to be wealth
quirement in the Indian market for ex- managers than is the case today.
ternal asset managers, but scalability
is an issue. Nitin Rao: We now have a more de-
tailed bank audit to make it compul-
Also, a lot of UHNIs have their own sory for our private bankers to focus
set-ups along these lines already, with on the sales processes too.
chartered accountants and chief finan-

Anurag Seth cial officers working for them. This includes checking emails and
calls, and we find that some people
Quant Capital Advisors However, it is in the mid-market and look to escape these controls by join-
for new wealth creators where the ing another organisation where these
requirement is coming from. These processes are not audited.
clients see value in independent ad-
visers, as long as they are working as I encourage regulation and such au-
rely on the average age of a private
part of an organisation. dits to be consistent so that advisers
banker to increase to around 40.
cannot move firms and work without a
Also, we need to be clear that the ex- structured process.
ternal asset management model, or
EMERGING family office as we call it in India, is a Anurag Seth: Something else the in-

OPPORTUNITIES long way at the moment from what it


is internationally.
dustry needs to debate is how to move
from a product strategy to a portfolio
strategy.
Hansi Mehrotra: To what extent will Sameer Kaul: In terms of opportuni-
the Indian follow what’s happened in ties going forward, I am seeing that Margins are coming down, but there
Europe and Singapore in the develop- clients will give money to firms who are enough clients who are willing to
ment of the external asset manage- create new ideas for them. Giving cli- pay, provided we bring them the right
ment model, given that clients want ents pass-backs is a lose-lose situa- product strategies.
their advisers to be slightly older, tion.
more experienced and better trained?
But creating ideas either through your
PR Dilip: By outsourcing the custodial own proprietary network or through
services from a reputed bank, at Im- a third party will lead to product dif-
petus we have reduced the back-office ferentiation, and the conversation
load on our organisation and increased with clients won’t be focused on pass-
the comfort-levels of our clients. backs.

As a result, we don’t need to have a A concern I have about the industry in


very big team for back-end activities. India is that the threshold for people
Instead of having separate teams for to enter it and become a wealth man-
sales, investor profiling, and portfolio ager in India is very low.
construction and implementation, if a
well-trained professional takes the in- Unlike in the US, where you have cer-
vestor through the entire process, it tification, which not everybody pass-
enhances the confidence and comfort es, the entry standards in India seem Sharad Sharma
levels of the investor. lower. BNP Paribas Wealth Management

Hansi Mehrotra | Managing Director, India | T 91 22 4070 0371 | E hansi.mehrotra@hubbis.com 9


Contact details and profiles of participants

Sameer Kaul Amit Pande Anshu Kapoor


Head & Global Market Manager, India Head Privee, Private Banking Head, Private Wealth Management
Citi Private Bank Axis Bank Edelweiss Capital

Sameer joined Citibank, India, in July Amit is currently working as Head, A CFA and a business management
1995 as a Management Associate in Privee & Investment Advisory Group. graduate from Delhi University, Anshu
Operations. In his 17 years with the He is the business head of the private brings with him over 15 years of ex-
bank, he has done various assign- bank and also is responsible for driv- perience in Private Banking, Interna-
ments across different functions and ing the research function for captive tional Financial Markets and Consumer
businesses. He set up insurance dis- / third-party products across asset Banking. At Edelweiss, he heads the
tribution for the bank, has run the classes / products covering all client Private Wealth Management business.
mortgage business and was the busi- segments for the bank. Amit also man- Prior to joining Edelweiss, Anshu was
ness head of the branch banking busi- ages the investment advisory proposi- a Director at Merrill Lynch in India,
ness running a network of 42 branch- tion for the bank where-in the finan- where he was instrumental in devel-
es across 30 cities. In January 2001, cial planning capabilities are housed oping the Private Banking Investments
as the Country Insurance Manager, from the standpoint of managing cli- Advisory platform and the cross-bor-
he spearheaded the launch of Insur- ents’ portfolios. He comes with a sig- der business that straddled the Middle
ance Business for Citibank in India. nificant amount of work experience East, Asia Pacific and North America.
He moved as the Mortgage Business spanning across 14 years in various He brings with him expertise in Inter-
Head in August 2005 and after suc- business’ viz, private bank, portfolio national Financial Markets owing to his
cessful completion of the ARR, moved management services and asset man- earlier stint with HSBC Private Bank in
to the Branch Banking business as the agement companies and has worked Dubai.
Business Manager in July 2007. He ran with firms like HSBC Private Bank,
a network of 42 branches that spans Goldman Sachs, ICICI Prudential AMC Contact details:
30 cities and a business that delivers and Franklin Templeton AMC, among E Anshu.kapoor@edelcap.com
more than US$100 million of revenue. others, in the past. He is a Post Grad-
uate Diploma in Planning & Manage-
Contact details: ment and a graduate from University
E sameer.kaul@citi.com of Delhi. He is an avid reader and
cherishes unwinding with his three-
year old daughter and by running as
he a marathoner.

Contact details:
E amit.pande@axisbank.com

Hansi Mehrotra | Managing Director, India | T 91 22 4070 0371 | E hansi.mehrotra@hubbis.com 10


Contact details and profiles of participants

Ajay Bagga Rohit Bhuta Karan Bhagat


Head of Private Wealth Management Chief Executive Officer Managing Director &
India Religare Macquarie Private Chief Executive Officer
Deutsche Bank Wealth IIFL Private Wealth Management

Ajay has 22 years of experience in With over 20 years of experience Karan is Managing Director & Chief Ex-
the financial services segment, hav- spanning seven key markets globally, ecutive Officer of IIFL Private Wealth.
ing worked with global giants like Rohit is a thought-leader in the finan- He joined India Infoline Group (now
Deutsche Bank, Citigroup and General cial services industry, with extensive re-named IIFL) to set-up IIFL Wealth
Electric, as well as asset managers like knowledge in the Wealth Manage- Management in early 2008 and is one
Pioneer ITI, Kotak Mahindra and Lo- ment space. He has worked with the of the founding members. Karan is re-
tus India Asset Management Company. Macquarie group for over 18 years in sponsible for providing direction and
He is a member of the India Execu- various capacities and geographies, leadership towards the achievement
tive Committee of Deutsche Bank. He including Australia, Singapore, Malay- of the organisation’s philosophy, mis-
also serves as a member of the Asia sia, South Africa, Hong Kong and now sion, vision and its strategic goals and
Executive Committee of Private Wealth in India. He worked in the UK (two objectives. He has built a team of ex-
Management at Deutsche Bank and is years) and New Zealand (two years) perienced and talented professionals
a Director on the Board of Deutsche prior to joining the Macquarie Group. from within and outside the industry,
India Investments. Ajay has also been Rohit joined the board of Religare who work with and for some of the
the Chairman of the Financial Planning Macquarie Private Wealth as Director most distinguished wealthy families in
Standards Board of India, and he has in June 2009, and took over the re- India and abroad. He has a decade of
served on various industry committees sponsibility of Chief Executive Officer financial services industry experience,
and think-tanks. He is a regular con- in September 2010. His strong domain starting his career with Kotak Wealth
tributor to electronic and print media technical knowledge is complemented Management. Karan holds an MBA in
on the financial markets and banking, by his high sense of empathy, logical finance from the Indian Institute of
as well as on financial planning and reasoning and coaching, placing him Management, Bangalore, and acquired
investment management. Ajay is a within an elite visionary leadership his Bachelor’s Degree in Commerce
PGDBM from XLRI, Jamshedpur, and a groups. He also sits on the board of from St. Xavier’s College, Calcutta.
CFP as well as a Certified Mutual Fund Brainwave Australia; an Australian
and Life Insurance Advisor. charity organization involved in assist- Contact details:
ing children with brain illnesses, and E karan@iiflw.com
Contact details: has also recently joined the advisory
E ajay.bagga@db.com board of Mewsic for Children, a Brett
Lee foundation set up to help under
privileged Indian children through mu-
sic.

Contact details:
E rohit.bhuta@religaremacquarie.com

Hansi Mehrotra | Managing Director, India | T 91 22 4070 0371 | E hansi.mehrotra@hubbis.com 11


Contact details and profiles of participants

Nitin Rao Rajesh Saluja Shiv Gupta


Senior Executive Vice President Chief Executive Officer & Managing Director
Private Banking Group & Managing Director Private Banking India
Third Party Products ASK Wealth Advisors RBS Private Banking
HDFC Bank

Rajesh is the CEO & Managing Director Shiv Gupta is Managing Director, Pri-
Nitin has had a career spanning across for ASK Wealth Advisors, a subsidiary vate Banking, RBS NV India. RBS
manufacturing, management consul- of the ASK Group in India. The ASK Private Banking is part of the RBS
tancy, equity research on the buy and Group, with over 28 years of experi- Wealth Division. He is also a member
sell sides, product management and ence in capital markets and equity of the RBS India Executive Committee
private banking spanning over two research, pioneered the concept of headed by Meera H. Sanyal, Country
decades. Prior to joining HDFC Bank, Discretionary Portfolio Management Executive for India. Based in Mumbai,
he had stints with organisations like Services in India in 1983. Rajesh has Shiv oversees all aspects of RBS’ Pri-
AFF Ferguson, Khandwala Securities over 23 years’ experience across sales, vate Banking business in India which
& BNP Paribas. He joined the bank in product and business management in has 85 staff including 28 private bank-
2002 and since then he has been in- the Consumer Banking, Wealth Man- ers located in four offices across the
strumental in building the award-win- agement and Private Wealth Advisory country. Shiv has been a part of the
ning private banking services. Apart industries. He joined the ASK Group in RBS Group for 11 years and as one of
from supporting the bank’s research, Dec 2006 to set up the wealth advi- the founding members of the Coutts
he has also built a strong third-party sory business for the UHNI segment in International South Asian business,
product distribution business where India and abroad. Today ASK Wealth was instrumental in growing it into
HDFC Bank is leader. Nitin’s educa- Advisors is one of India’s leading and one of the most successful in the re-
tional background includes graduating most respected wealth advisory and gion. Prior to India, he was based in
in Mechanical Engineering in 1988, fol- family office players and is credited for Singapore managing the NRI business
lowed by post-graduation in manage- pioneering the concept of fee-based in Asia Pacific in addition to the Thai-
ment from the Symbiosis Institute of wealth advisory services in India. Prior land market. Born in India, Shiv is an
Business Management, Pune, in 1992. to joining the ASK group, Rajesh was Economics graduate of the University
the Business Head, Priority Banking & of Delhi.
Contact details: Deposits for the Wealth Management
E nitin.rao@hdfcbank.com business of Standard Chartered Bank Contact details:
in India. He holds a Bachelor degree E shiv.gupta@rbs.com
in Maths & Economics and a Masters
in Marketing Management.

Contact details:
E rsaluja@askwealthadvisors.com

Hansi Mehrotra | Managing Director, India | T 91 22 4070 0371 | E hansi.mehrotra@hubbis.com 12


Contact details and profiles of participants

Anurag Seth P. R. Dilip Sharad Sharma


Head, Global Wealth Management Managing Director Country Head, Wealth Management
Quant Capital Advisors Impetus Wealth Management BNP Paribas Wealth Management

Anurag has 13 years of experience in PR Dilip is the Founder of Impetus A career banker, Sharad has over two-
Private Banking and Wealth Manage- Wealth Management, which was es- and-a-half decades of experience in the
ment. He is currently Director and tablished in 1994. He has nearly two industry. Over the years, he has worked
Head, Global Wealth Management at decades of rich experience in the In- in forex treasury, corporate banking and
Quant Capital Advisors, India , driv- dian Capital Markets in various capaci- retail banking, liability management,
ing the Wealth Management business ties, including 10 years in the Portfolio operations and most recently, in wealth
set up and advisory process. Has been Management & Wealth Management management. He is currently Country
successful in launching a holistic ad- domain. His endeavour has been to Head, Wealth Management, India and
visory model at Quant Capital, in line ensure the highest transparency and Member, Executive Management Com-
with a client-centric approach. Prior proficiency in all the businesses con- mittee, BNP Paribas India. For the past
to joining Quant Capital, Anurag had ducted by Impetus. He is a focused 10 years, he has led the wealth manage-
a long stint with Standard Chartered Portfolio Manager, who believes in ment initiative for BNP Paribas Wealth
Bank and was Head, Wealth Advisory, educating an investor before accept- Management by creating a successful
India. He was instrumental in driving ing his or her account under Portfolio model for the onshore business. He has
Wealth Advisory business during his / Wealth Management. His emphasis been with BNP Paribas since 1989 and
11-year tenure with the bank. Dur- has always been in an extensive pro- has held key management positions in
ing this time, the Wealth Management cess-driven investment approach and New Delhi, Kolkata and Mumbai during
business built momentum and was has a successful track record of having his tenure at the bank. Prior to BNP
awarded with Best Structured Product established such systems in the past. Paribas, Sharad Sharma was with the
(Distribution) award and also CNBC Identifying the right fusion of diversi- State Bank of India for seven years. He
Best Financial Advisor awards for fied asset classes is only the starting is a Member on the Board of BNP Pari-
2008 and 2011. Anurag is an INSEAD, point of his meticulous Wealth Man- bas Investment Services India Private
France Alumni and graduated from agement process. Limited and Financial Planning Stan-
SRCC, Delhi University. dards Board (FPSB), India. He holds a
Contact details: Master’s Degree in Financial Manage-
Contact details: E prdilip@impetusindia.in ment from Jamnalal Bajaj Institute of
E anurag.seth@quantcapital.co.in Management Studies, Mumbai. He is
also a Certified Associate of Indian In-
stitute of Bankers and has received CFP
certification by FPSB, India.

Contact details:
E sharad.sharma@asia.bnpparibas.com

Hansi Mehrotra | Managing Director, India | T 91 22 4070 0371 | E hansi.mehrotra@hubbis.com 13