New Delhi, August 09: Religare Macquarie Private Wealth is planning to quadruple its head-count to close to 900 in the next three years in a bid to tap the increasing growth opportunities in the wealth management business.
“We have aggressive growth plans and are looking at increasing our relationship and advisory team significantly. At present the head-count at Religare Macquarie Private Wealth stands at 220, which would be ramped up to close to 900 in the next three years,” Religare Macquarie Private Wealth Chief Executive Officer Vikas Agnihotri said.
Religare Macquarie is optimistic about the way the country’s economy is shaping up and there is a lot of potential and growth opportunity in the wealth management business, he said.
Religare Macquarie, which provides advisory services to high net-worth individuals and the affluent class, said their numbers are on an upward spiral. “There are around one lakh HNIs in India and their number is increasing 20 percent every year,” Agnihotri added.
Outlining the investment plan for future expansion projects Agnihotri said, both joint venture partners Religare and Macquarie would invest USD 20 million each in the next 2-3 years.
At present, the company has presence in Delhi, Kolkata, Mumbai, Hyderabad, Pune, Bangalore and Chennai and plans to spread its base to tier II and III cities in future as and when the wealth management business matures and expands further.
Though, the Indian Wealth Management space is in a nascent stage, most of the high net-worth individuals in the country have begun to appreciate the value of a professional approach to wealth management, Agnihotri added.
–Agencies