Mumbai: The world’s largest wealth manager, UBS AG, will nearly double its investment banking staff in India to up to 180 in the next year as it prepares to offer more services and retain its share of the increasingly competitive business, the head of UBS in India said.
UBS, which employs about 1,600 people in India now, tops the merger and advisory table so far this year, up from seventh spot last year, data from Thomson Financial showed, helped by a handful of large cross-border deals by Indian firms.
UBS will increase its broking and investment banking team in India from 100 now, Manisha Girotra, managing director and chairperson for UBS India, told the Reuters India Investment Summit on Thursday.
It will also add 1,000 people to its offshoring facility that services its US and European operations.
“Our challenge and our desire is to remain among the top three investment banks in India,” Girotra said.
“It’s becoming a very competitive market, with large investment banks hiring people and going after the same market share. So it’s hard to keep your share... it’s like being on a treadmill and the incline gets steeper,” she said. UBS is also awaiting regulatory approval to offer additional services, including fixed income, wealth management and high-end retail banking.
UBS ranks seventh this year in Indian equity capital raising, according to data from Dealogic.
It has advised on deals including Vodafone Group Plc.’s purchase of Hutchison’s controlling stake in a mobile services firm in India for $11 billion (Rs43,450 crore) and Hindalco Industries Ltd’s $6 billion acquisition of Canada’s Novelis.