Standard Chartered eyes 35% growth in asset under management

Standard Chartered eyes 35% growth in asset under management
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First Published: Tue, Nov 09 2010. 10 42 PM IST
Updated: Tue, Nov 09 2010. 10 42 PM IST
Mumbai: Standard Chartered Private Bank is eyeing 35% growth in its asset under management from Indian operations for the second half of 2010, Shayne Nelson, CEO and global head of the private banking arm of Standard Chartered Bank said Mumbai on Tuesday.
Its AUM stood at $ 1.7 billion as on June this year. “We are growing at 35% year-on-year in India and hope to maintain the growth for the rest of the year,” Nelson said. The bank’s Indian operation, which accounts for about 4% of the private bank’s global business, was the most profitable in Asia for the first half of 2010, he added. Asia accounts for about 33 % of its global AUM of $ 42 billion.
The bank will double the number of ‘relationship managers’ in India from the present 50 by 2013 and also expand presence to upto 15 cities from 5 at present.
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First Published: Tue, Nov 09 2010. 10 42 PM IST