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LGT Wealth India, backed by the Liechtenstein royal family, is planning to increase its headcount as it aims to double the amount of money it manages for clients. The company wants to help clients reduce their reliance on domestic assets and reach $3 billion in assets under management by the end of next year. Recent law changes in India now allow wealthy individuals to invest abroad through limited liability partnerships, giving LGT the opportunity to offer customers more choice.
According to Atul Singh, CEO of LGT Wealth India, the demand for wealth management services in India is not a problem. The challenge lies in providing a quality product. Singh believes that many wealthy Indian families keep most of their wealth in local assets and LGT is trying to change this by helping them diversify their investments globally. The firm currently manages the wealth of around 1,200 Indian families.
LGT Wealth India is facing competition from other players such as Barclays, Julius Baer, and HSBC, as India’s wealth industry continues to grow. Julius Baer estimates that India’s wealth industry is worth $600 billion with an annual growth rate of 12%. Singh believes that Indian families need more global advice and that the basic principle of risk management is diversification.
To expand its operations, LGT Wealth India has recently hired a veteran relationship manager from Credit Suisse Securities and a fixed income leader. The firm currently has 85 private bankers and is planning to hire a team in the state of Uttar Pradesh to attract more families. Additionally, LGT hopes to tap into the global client base of its majority shareholder, LGT, which manages over 305.8 billion Swiss francs ($348 billion). Singh sees the opportunity to offer LGT’s international customers the chance to invest in India as a potential gamechanger for the firm.