Credit Suisse: The Credit Suisse Group AG issue is likely to have an impact on how wealthy Indians perceive international wealth managers, according to a corporation sponsored by Liechtenstein’s royal family on Tuesday. According to Rajesh Cheruvu, chief investment officer and managing director at LGT Wealth India Private Ltd., numerous multinational financial institutions have entered and fled Indian markets in the last 15 years or so, and the newest occurrence is making wealthy investors anxious.
Investors are primarily concerned with the stability of their wealth managers
“This particular situation remembers and recalls the previous uncertainty in terms of their business strategy,” Cheruvu said on Bloomberg Television. “Investors are primarily concerned with the stability of their wealth managers’ and wealth advisers’ business operations.”
Generate money from value-conscious billionaires who were not used to paying for their advise
Citigroup Inc. sold its retail operations in India to Axis Bank earlier this year, shifting all of its wealth management business to the country’s third-largest private sector lender. Furthermore, Credit Suisse’s new buyer – UBS AG, Morgan Stanley, and Macquarie Group Ltd. – have left the country’s private-wealth industry in the last decade, after finding it impossible to generate money from value-conscious billionaires who were not used to paying for their advise.
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Julius Baer Group Ltd. intends to grow into new markets
Yet, the volume of wealth creation in India is increasing, and changing attitudes about professional fund management have persuaded some money managers to return as they seek a piece of the country’s $600 billion wealth business, which is rising at a double-digit rate. HSBC Holdings Plc intends to develop an onshore private banking service in India to target the country’s wealthy, while Julius Baer Group Ltd. intends to grow into new markets over the next five years.
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