UBS Group AG's India operations are facing another senior executive departure amidst their efforts to manage wealth in the country. Aditya Goenka, a managing director in structured lending, is set to join HSBC Holdings Plc's commercial banking business. UBS, which exited India’s onshore wealth business a decade ago, plans to leverage the Credit Suisse team it acquired. Despite slimmer margins in India, UBS sees potential in managing the assets of clients benefiting from the booming stock market and economy.
However, UBS's India operations have become a talent pool for competitors. Since the UBS takeover, around half a dozen ex-Credit Suisse executives have moved to other firms. Goenka, with over 11 years at Credit Suisse, will join Rajat Sabharwal at HSBC. Other notable departures include Sudipto Sinha, now at Angel One Wealth, and Sandipan Roy, now at Motilal Oswal Wealth Management.
The LGT Wealth India, backed by the Liechtenstein royal family, has hired Ajay Punjabi and Chirag Doshi. Vijay Shah, previously with Credit Suisse, has started his own business. With just over 40 wealth management employees in India, UBS is working hard to rebuild. Jin Yee Young, UBS’s co-head for Asia-Pacific wealth management, and Edmund Koh, Asia Pacific president, have emphasized India's strategic importance, though noting the heavy lifting still required.
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