Julius Baer has embarked on a five-year transformation journey in India and aims to double the number of relationship managers and clients, triple its assets and extend its reach to new cities.

“India is one of Julius Baer’s core growth markets,” Rahul Malhotra, the firm’s head of private banking for global India & developed markets, said in a note on its website on Monday. “Our strategy is to have an efficient hub and spoke model – a strong network of relationship managers spread across the country with a deep understanding of the local culture and environment with subject experts in the hub.”

Julius Baer currently employs more than 200 people in India. The five-year business transformation will invest across the board in people, products, operations, technology, branding, and infrastructure. The firm is currently in seven cities and plans to spread to more than ten cities. In July 2023, the bank moved to a new office in New Delhi.

Julius Baer has applied for an AIF license and expects to launch an equity AIF fund by end of 2023.

The new wealth being created in India will be spread across almost 100 towns and cities with representation from ultra-high net-worth individuals. “Currently, 50 per cent of India’s resident wealth is concentrated in five cities. A further 10-15 per cent in the next five and another 15-20 per cent in the next 20 cities. The newly created wealth is expected to grow particularly in the small centres rebalancing the overall distribution,” said Umang Papneja, chief executive officer for Julius Baer’s activities in India.

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