India’s 8% growth story continues to increase the size of both local and foreign asset managers as the country’s vast personal wealth, its financialization and the expectation of continued government signal more is to come.
According to Atul Singh, CEO, LGT Wealth India, this opportunity should lead to further growth in assets under management through an aggressive hiring strategy, thanks in part to one of the largest connections in financial history.
The firm came into being when it acquired the assets and clients of Mumbai-based Validus Wealth in 2019. It began onshore operations in September 2022, and its assets under management grew 65% to $2.4 billion in calendar year 2023. Revenue also grew 15% year-over-year.