Blackstone Inc.’s ASK Group plans to strengthen its foothold in India’s booming wealth management sector by hiring 70 new private bankers. This expansion will increase the ASK Private Wealth unit’s total banker strength to 175 by March next year, up from about 105 at present, as confirmed by Rajesh Saluja, CEO and co-founder of the business, in an interview this week.
India is witnessing a sharp rise in its wealthy population, driving a surge in demand for wealth management services. This has led to the emergence of several new firms competing to manage these assets, while established players like ASK Private Wealth, Bain Capital-backed 360 One WAM Ltd, and PAG-backed Nuvama Wealth Management Ltd are rapidly expanding their teams to retain market leadership.
Experts believe that the wealth management space in India will see intense competition in the coming years, with firms vying to acquire and retain high-net-worth individual (HNI) clients. Blackstone’s ASK Group aims to capitalise on this rising demand by nearly doubling its team size to cater effectively to the growing client base.
