InCred hires Avendus trio to lead new UHNI wealth platform
InCred recently welcomed three senior professionals from the competition, Avendus, to establish a dedicated platform aimed at ultra-high-net-worth individuals. Their wealth division has now achieved assets exceeding one lakh crore. As India's ultra-high-net-worth population continues to surge, this initiative is set to tap into a flourishing segment of wealthy clientele.
Mumbai: InCred has appointed three executives from Avendus to spearhead its new ultra-high-net-worth individual (UHNI) wealth platform, as financial institutions vie for the attention of the growing pool of wealthy Indian clients. Alok Agrawal, Harmeet Sahney, and Zarksis Gotla have joined InCred as cofounders of InCred Black, a business dedicated to catering to UHNIs, entrepreneurs, and business families, the company announced on Monday.
The trio, who spent over 15 years building Avendus' wealth management business and advised prominent UHNI clients, will play a key role in shaping InCred Black, strengthening client relationships, and expanding the team as the business grows. The move comes as India's affluent population expands, with family offices increasingly seeking access to private markets, alternative investments, and global assets.
InCred's wealth franchise has already reached ₹1 lakh crore in assets under management and serves a substantial UHNI client base.
InCred Black will provide personalized wealth management and access to asset allocation, alternative investments, public and private markets, credit, liquidity solutions, and global investing. The platform will leverage capabilities from InCred Capital and the broader InCred group. Bhupinder Singh, InCred founder and group chief executive, mentioned that the company plans to add more senior bankers and specialized talent as it scales.
The hiring of Agrawal, Sahney, and Gotla coincides with the rapid growth in India's UHNI population. As of now, there are more than 19,000 UHNIs with assets exceeding $30 million, and this number is projected to surpass 25,000 by 2031, according to a Julius Baer-EY report. Additionally, India boasts around 200 billionaires with a combined wealth of approximately $1 trillion. The surge in the UHNI population has been fueled by IPOs, private equity exits, and founder liquidity events.
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