Credit Suisse appoints Head of Wealth Management for India
Credit Suisse has announced the appointment of Puneet Matta as its Head of Wealth Management for India, effective from June 1st, 2020.
Matta joins Credit Suisse from Union Bancaire Privée (UBP), where he was a Managing Director, Head of EAM and Key Clients, Asia, according to his LinkedIn, joining the firm in 2017, having had responsibility involving the on-resident Indian (NRI), Indian sub-continent (ISC) and external asset manager (EAM) segments.
In addition to his time with UBP, Matta has held roles with Aon, a global professional services firm, and Citibank, with whom he began his career. From 2007 to 2011, Matta held the title of Head of Wealth Management for Credit Suisse, thus he retakes up the mantle nearly one decade later.
In his new role, Matta will report to Balakrishnan Kunnambath, Managing Director, Market Group Head - Indian Subcontinent & NRI, and Mickey Doshi, CEO of India.
Balakrishnan Kunnambath said of Matta’s appointment: “Since launching our wealth management platform in India in 2008, our team and assets have grown from strength to strength through our unique onshore-offshore model. Clients in India are increasingly looking for global investment opportunities and our set-up is well-positioned to capture this booming demand. With Credit Suisse’s vision as the bank for entrepreneurs in Asia Pacific, we are looking to systematically increase our collaboration efforts between our domestic investment banking franchise, Asia Pacific Trading Solutions and our wealth management team. We are confident that Puneet is ideally placed to take us to the next level and capitalise on opportunities in India.”
Mickey Doshi also offered his own comments: “The Indian market has significant opportunities that both our investment banking and wealth management businesses can capture, and we will leverage our global integrated platform to extend our footprint here and serve the holistic needs of our entrepreneur clients. In fact, India’s total wealth has increased four-fold since 2000, as reported in the tenth edition of the Global Wealth Report by the Credit Suisse Research Institute, to reach USD12.6 trillion in 2019.”
India is ranked fifth globally in terms of the number of ultra-high net worth individuals, with 4,460 adults having wealth over USD50 million and 1,790 having more than USD100 million, according to Credit Suisse estimates, said Doshi, according to an article by the Economic Times India.
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