Liechestenstein-based LGT continues to grow its onshore wealth management business in India and is looking to add a team in the state of Uttar Pradesh.
LGT Wealth India plans to add a team in Uttar Pradesh – India’s most populated state – according to a «Bloomberg» report citing CEO Atul Singh. The firm houses 85 private bankers, including recent hires like ex-Credit Suisse executive Ajay Punjabi as a relationship manager and Chirag Doshi to lead fixed income.
The new team is part of broader plans to grow the onshore business, including assets under management to $3 billion by the end of 2024. Currently, LGT Wealth India manages the riches of about 1,200 Indian families.
Product Quality
According to Singh, the firm aims to help clients spread risk, given the concentration of wealth in local assets.
«Indian families need more global advice. The basic principle of risk management is ruthless diversification,» he added. «The demand in India is not a problem. It is the supply of a quality product.»
