buildings, mumbai skyline

Buildings rise towards the Mumbai skyline as seen from the Imperial residential towers in the Tardeo area of ​​Mumbai, India, Monday, July 21, 2010. Photographer: Pal Pillai/Bloomberg

by Preeti Singh and Saikat Das

UBS Group AG plans to rebuild its team in India as it prepares to roll out more products to compete for managing the wealth of wealthy Indians.

The bank, which returned to the private wealth market two months ago with its rescue acquisition of Credit Suisse, plans to add at least seven relationship managers to bring its total advisory strength in India to around 25, according to people familiar with the matter. Used to be. The bank is also strengthening its product team and hiring two senior executives from rival firms in portfolio management services that develop India-specific products, the people said on condition of anonymity because the details are confidential.

UBS declined to comment.

UBS, which exited the private-wealth market in India nearly a decade ago, is among global companies ranging from HSBC Holdings Plc to Julius Baer Group Ltd that are raising stakes there. While margins in the country may be comparatively low compared to other markets, companies are hoping to compensate for this with the opportunity to manage both business and personal assets of their wealthy clients.

Young Jin Yi, who joined UBS as co-head of wealth management for Asia-Pacific in June, is scheduled to visit India in September, a person said.

first published: 18 August 2023 | 11:01 am First

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