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Avendus Group Welcomes Apurva Sahijwani as New Wealth Management Division CEO

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Lauren Miller

May 15, 2024 - 06:43 am

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Avendus Group Appoints Apurva Sahijwani as Wealth Management CEO Amid Market Expansion

Avendus Group, a leading financial services firm, has announced the appointment of seasoned private banking professional Apurva Sahijwani as the new Chief Executive Officer for its wealth management division. This strategic move comes as the company seeks to bolster its services for an expanding client base of family offices and the increasingly affluent population in India.

A New Leader for Avendus Wealth Management

Since its inception in 2010, Avendus Wealth Management has established itself as a formidable entity within the wealth management sector, expertly overseeing in excess of $6 billion in assets. This impressive portfolio is managed on behalf of family offices, corporate entities, and affluent individuals alike. The announcement made on Wednesday outlined the leadership transition, noting that Sahijwani's predecessor, Nitin Singh, had departed to take the helm of Barclays Plc's Asia private bank in the previous year.

Avendus Group's operations are broad and diverse, covering a range of financial services that include investment banking, institutional equities, wealth management, credit solutions, and asset management. This multi-faceted approach allows the group to cater to the nuanced needs of its varied clientele, offering bespoke financial solutions across the economic spectrum.

Sahijwani's Illustrious Banking Journey

Apurva Sahijwani, the newly appointed CEO, comes to Avendus with an impressive résumé that includes spearheading Axis Bank’s private banking arm, Burgundy Private. This particular division of Axis has flourished, becoming one of the country’s most prominent wealth management entities, especially after its merger with Citigroup’s wealth business. This achievement is highlighted in Axis Bank's own presentations.

Sahijwani's extensive experience in the industry comprises notable tenures at illustrious financial institutions including Citigroup, HSBC Holdings Plc, ICICI Bank, and Kotak Securities. His professional journey, documented on platforms like LinkedIn, showcases a trajectory marked by leadership roles and a deep understanding of the wealth management landscape.

India’s Wealth Market on the Rise

India’s financial markets have been on an upward trajectory, fueled by the nation's thriving stock market and burgeoning entrepreneurial ecosystem. This economic prosperity has created significant wealth, contributing to the wealth management industry's rapid annual growth of 12%. This insight comes from renowned global wealth manager Julius Baer Group Ltd.

The future looks particularly bright for India’s wealthiest individuals. Research from Knight Frank forecasts that the ultra-rich population in India is on the path to experiencing the most rapid expansion by the year 2028. This potential for growth is attracting both global and local banks, all vying for a piece of India’s wealth market pie.

Competition Heats Up in India’s Wealth Management Sector

The race to capitalize on India’s wealth boom has seen several global banking behemoths like HSBC and Julius Baer intensify their efforts to expand their wealth management practices in the region. Barclays and UBS Group AG are among international institutions making significant inroads within the Indian market.

On the domestic front, prominent Indian banks such as ICICI Bank, Axis, and Kotak Mahindra Bank are not far behind. These established financial institutions are also making strategic moves to extend their wealth management services, ensuring they have a slice of India’s growing wealth pool.

The landscape of wealth management in India is becoming increasingly competitive, with the convergence of global expertise and local know-how shaping the sector. This competition promises to elevate the standard of financial services available and cater to the sophisticated requirements of India's wealthy.

Avendus Poised for Pioneering Growth

With its new leadership and expanding market presence, Avendus Wealth Management is strategically positioned to pioneer growth within this dynamic environment. The firm’s client-centric approach, augmented by Sahijwani's extensive industry experience, sets the stage for innovative wealth management solutions that could redefine the financial landscape for the affluent class in India.

Integration of world-class financial strategies, along with an intimate understanding of the local market's idiosyncrasies, is expected to become a defining characteristic of Avendus Wealth Management's service offerings. The group's multifaceted business model serves as a robust foundation, enabling it to meet the intricate investment, wealth preservation, and legacy planning needs of its clientele.

Keeping Sight of the Future

As India's wealth management industry continues to expand, Avendus Group appears to be anticipating changes and preparing to adopt innovative tactics to stay ahead in the game. Keep an eye on this space for further developments.

In conclusion, Bloomberg reports that the Avendus Group is poised to make significant headway under the leadership of Apurva Sahijwani. As wealth management services become paramount for India’s well-to-do, veteran leaders like Sahijwani are expected to steer their respective institutions toward new levels of excellence and market presence. For additional details on Avendus Group and its latest organizational shifts, please refer to the official statement from the company (Bloomberg).

Looking to the Future: Growth Prospects in Wealth Management

With Sahijwani now at the helm, Avendus Wealth Management is likely to implement a robust strategic vision that aligns with the current market dynamics and the evolving needs of its clients. The luxury of depth in his experience allows Sahijwani to navigate the wealth management sector with an informed perspective, harnessing opportunities therein to build a resilient and forward-thinking business model.

Avendus Group’s commitment to delivering outstanding wealth management services is uncompromised, as they persistently refine their methodologies to be in tandem with global best practices. Sahijwani’s leadership is expected to fortify the company’s existing frameworks, enriching the caliber of financial governance, and crafting a legacy that aligns with the vision of its founders.

Strategic Positioning for Local and Global Clientele

Drawing upon both his international and domestic experience, Sahijwani is attuned to the nuanced demands of the local and global investor. Avendus Wealth Management’s strategy is likely to reflect a harmonious balance between understanding the indigenous market trends and global financial currents, placing it as an exemplary service provider in the wealth management sector.

This strategic balance enforced by a leader with a broad horizon may set a new benchmark for wealth management in India, carving a niche for Avendus that resonates with exclusivity and personalized service. The group’s forward-looking stance is all about embracing change while maintaining its core values, ensuring that its clients receive a wealth management experience that is both diversified and holistic.

Final Thoughts and Forward-Looking Strategy

In the rapidly growing wealth landscape of India, shaping the contours of financial success requires innovative thinking and an adaptable approach. Avendus Wealth Management, backed by Apurva Sahijwani's rich expertise, is on a trajectory to explore new frontiers and redefine wealth management with a client-centric focus.

With a pulse on the evolving financial needs of India's affluent, Avendus is well-equipped to craft a future where wealth management is not just about asset growth but also about sustainable wealth creation, protection, and intergenerational wealth transfer. The strategic appointment of Sahijwani indicates the group's readiness for the impending wave of wealth that is set to characterize India's economic landscape in the near future.

As global and local players fiercely compete within the wealth management domain, Avendus Group’s leadership change is a testament to its commitment to staying at the forefront of the industry. The blend of experience, expertise, and strategic insight that Sahijwani brings to the table could very well define the next chapter of wealth management in India.

Avendus Wealth Management's landscape is ripe for innovation and growth, with Apurva Sahijwani now steering the ship. The news of Sahijwani's appointment not only marks a new beginning for the firm but also signals a promise of continued excellence in serving India's wealthy. As we witness this unfolding narrative of strategic leadership decisions, it is evident that Avendus is aligning itself with market trends and setting a precedent for exceptional service within the wealth management industry.

In essence, as Sahijwani takes the reins of Avendus Wealth Management, the financial community watches with anticipation. With the wheels of wealth ever in motion, his expertise and keen market insight will be pivotal in guiding Avendus through the dynamic terrains of India's wealth market. Both the company and its clientele can look forward to an era of enhanced financial strategies, tailored wealth solutions, and comprehensive asset management under his leadership.

For the latest insights and further information on Avendus Group’s wealth management services and the dynamic wealth market in India, interested readers are encouraged to visit Bloomberg’s website (www.bloomberg.com).

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