India is a developing country. New investments, startups, mergers, and acquisitions are coming up every day. With more businesses, comes more money. To manage this enormous wealth, companies, and millionaires, are hiring more and more managers and bankers.
More than 1500 of these people are managing assets worth more than Rs.100 crores. Around 400 of them are managing more than Rs. 1000 crores.
India has seen a massive surge in the number of ultra-high-net-worth individuals (HNIs) and a huge increase in the number of millionaires in the last few years.
These HNIs and millionaires need someone to manage their enormous wealth. And hence, wealth management companies are on a hiring spree for wealth managers and private bankers.
Also, all these hirings are for the senior leadership levels.
There’s also a growing demand in the 2nd and 3rd-tier cities like Nagpur, Kochi, Chandigarh, Lucknow, and Jaipur as there is immense growth in the wealth of these cities too.
Motilal Oswal Private Wealth, a major stock trading platform, which caters to more than 4700 families across the nation wants to strengthen its leadership team.
This company manages close to Rs. 38,400 crores of wealth and distribution assets and is looking for individuals who will manage the various functions such as ultra HNI and family office as well as their offshore business accounts. They also want an investor advisory.
This company is aiming to add 50 more wealth managers to its current team of 150 in the next six months.
Liquidity events, new startups, better stock options, and people wanting to convent their physical assets into financial assets have contributed to this surge.
“All these factors are contributing to the increased demand in the wealth management sector,” said Ashish Shanker, the CEO of Motilal Oswal Private Wealth.
In the words of Shanker, “The world of HNIs is growing exponentially.”