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India's Wealth Boom Fuels Hiring War
3 Feb
Summary
- Tajinderr Pal Singh Bhatia appointed president of Neo Group's wealth business.
- India's wealth management assets projected to double by fiscal 2029.
- Booming stock market and IPOs drive demand for private bankers.
Neo Group Ltd. has appointed seasoned banker Tajinderr Pal Singh Bhatia as the founding president of its wealth business. Bhatia, who brings over two decades of experience including a recent executive director role at Centrum Wealth Ltd., joined the firm on Tuesday.
His recruitment signals Neo Group's expansion within India's rapidly growing wealth management industry. The sector is experiencing a hiring war driven by a surge in new millionaires, attributed to record IPOs, private equity activity, and a booming stock market.
Industry projections indicate a significant expansion, with assets under management expected to double from $1.1 trillion in fiscal 2024 to $2.3 trillion by fiscal 2029. Neo Group, founded in 2021, currently manages 800 billion rupees ($8.9 billion). This strategic hire follows Neo Group's recent appointment of Puneet Matta from UBS Group AG.
