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LGT Wealth India, based in Liechtenstein, is expanding its onshore wealth management business in India and plans to add a team in the state of Uttar Pradesh, according to CEO Atul Singh. The firm currently has 85 private bankers and manages the assets of around 1,200 Indian families. The goal is to grow the onshore business and increase assets under management to $3 billion by the end of 2024.
The focus of LGT Wealth India is to help clients diversify their risk, given the concentration of wealth in local assets. Singh believes that Indian families need more global advice and emphasizes the importance of ruthless diversification in risk management. The demand for quality wealth management products in India is high, but the supply is currently limited.