Wealth management biz to grow up to 18% in India despite demonetisation
Despite demonetisation shake-up, wealth management business in India is poised to grow 17-18 per cent each year for the next few years and the next couple of months will be crucial for building people's sentiment towards investment, according to a wealth management firm.
"The long-term growth story of India is intact despite demonetisation and there will be other cross current developments over the next 5-6 months. We are projecting 17 to 18 per cent growth," Sanctum Wealth Management founder and CEO Shiv Gupta told PTI.
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Sanctum Wealth was founded by a close group of investors by taking over the private banking business of RBS India in 2015, making it the first management buyout deal in India, he said.
"The next five to six months are crucial. There will be several cross current developments in India and overseas like demonetisation. The next budget will have an impact on sentiments of the investors," Gupta said.
Co-founder and market head of Sanctum, Anila Ahuja said that apart from pure wealth management, there is a growing demand among families with a high net worth to structure their wealth.
"As we offer solution, clients are asking us to structure their wealth by transmitting assets to family smoothly," she said.
Managing investment assets worth Rs 4,500 crore from 75 clients, the wealth management company is looking to set up an office in Kolkata, besides those already established in Mumbai, Bengaluru, New Delhi and Chennai.