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In mid-April this year, India’s Sensex equities index was trading around the 60,000 level, whereas in March 2020 in the midst of the pandemic-induced anxiety the Sensex had slumped from over 40,000 to a little over 28,000. So far in 2023, the Index is treading water, but many expect the market to then head off on another upward leg as economic and indeed demographic momentum drives additional optimism and global fund inflows.

The optimism is soundly based on the country’s economic momentum, its remarkably young and dynamic demographics, the spread of wealth across India’s first, second and third-tier cities and regions, and the entrepreneurial creativity across the nation, with technology driving much of the momentum, supported by foreign demand to scramble aboard the future Unicorns India has been minting, and as FDI surged.

At the same time, India’s wealth management market continues its exciting expansion and diversification journey that accelerated in 2021, in the aftermath of the onset of the pandemic. That was perhaps when confidence really set in about the domestic markets, about the expansion of private wealth and the dramatic rise of the mass affluent market, and also when a far greater diversification of the wealth and advisory proposition began in earnest, encompassing not only mainstream assets but alternatives and private markets, and as wealthy Indian clients focused more attention on evolving their family businesses from traditional to ‘new economy’ investments, and as they focused more attention and energy on structures for estate and legacy planning.

Across the board in India, there is an ongoing diversification and upgrading of private client portfolios as the wealth industry delivers more interesting mainstream products, including mutual funds and more ETFs, and across the private markets. Meanwhile, the mass affluent sector of the nation continues to expand apace, just as HNW and UHNW wealth keeps rising apace.

On the slightly less positive side, there is clearly a shortage of experienced RM and advisory talent to cater to all these private clients, but the banks and the numerous independent wealth firms in India – many of which are now very large indeed – are making ever greater efforts to boost training and to further develop a culture of professionalism in the wealth sector.

And of course, India is a truly vast and immensely populous country, hence the great need for digitalisation, which continues apace, helping the competitors in the wealth industry reach out to the many often huge pockets of client demand in all quarters of the country. The need to differentiate from the competition and pressures from rising costs in all areas are also other key drivers for the thrust towards a far more digital wealth management offering.

Hubbis will assemble a panel of genuine wealth management experts on June 8 to pinpoint these and more key evolutionary trends and they will zoom in on the incredible potential that India’s wealth management market represents, including even India’s pivotal position between the key wealth centres and economies of Asia and the Middle East.

Jun 8

Developments in the Private Wealth Management Market in Indi...

3.00pm - 4.00pm HKT/SGT

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Senior figures in Asian Wealth Management are speaking at this event

Nitin Singh

Avendus Wealth Management

Shiv Gupta

Sanctum Wealth

Yash Shah

Synpulse

Prashant Joshi

Upwisery

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