India’s wealth managers saw a rise in assets under management in 2018, bucking a slowing trend in most of Asia, according to a survey by Asian Private Banker.
The top 20 wealth firms in India expanded their AUM by 18% over the previous year to $193 billion, the report published Monday showed. In contrast, assets at the 20 largest private banks across the whole of Asia fell 3.6% as market turbulence deterred rich clients from deploying their wealth, according to an APB survey in April.
Domestic asset managers continued to expand their hold on the market, accounting for about 78% of the top 20’s AUM last year, versus 64% in 2015, according to the survey.
The wealth management arm of Kotak Mahindra Bank Ltd. retained the top slot in India, boosting assets under management to $33.6 billion, Monday’s report showed. BNP Paribas SA kept its leading position among foreign wealth managers in India with total assets of $13.8 billion last year.
There were a total of 3,564 wealth managers at India’s top 20 firms last year, Asian Private Banker said, yielding an average $54 million of AUM per individual. That’s a tiny fraction of the average $882 million handled by each wealth manager at Goldman Sachs Group Inc., as disclosed in APB’s earlier survey.