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Wealth management industry is on the cusp of evolution, said Satya Narayan Bansal, Chief Executive — India, Wealth and Investment Management Division, Barclays.
“The wealth management space is evolving. The distribution led model is no longer valid. More and more advisory-led services are coming to the fore. Even the regulatory environment is evolving,” he said.
With SEBI giving regulatory approval to allow subscription to ‘direct plans,’ which are set to be introduced from January 1, Bansal said product-led players will be significantly impacted. The impact on advisory-led services will not be too much.
Good year ahead
On his outlook for the year 2013, Bansal said the year will be good for the markets as the corporate results have been good and the flow from overseas investors has also been significant.
He added that it seems Indians are prepared to handle all kinds of global crisis.
The latest issue of Barclays Wealth Insights showed that 81 per cent of the Indians are positive about the opportunities presented by the recent global crisis
The global survey took into account more than 2,000 High Net Worth Individuals (100 Indian families). The survey points out how entrepreneurs, business people and investors view failure and the setbacks associated with it.
On private banking space, Mr Bansal said, Barclays is looking at expanding its private banking team.
In 2013, they plan to increase their team size by 12 to 15 per cent.
“We are looking at increasing the strength of our team. We will be recruiting from corporate banking as well as investment banking verticals. There is good talent in the overseas markets as well,” said Bansal.
The company has strength of about 120 people in its private banking business.
Of this, about 40 employees are client-facing private bankers. Barclays is looking at increasing the number of this relationship team.
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