Wealth managers love job hopping. An upstart wants to fix that
The post Wealth managers love job hopping. An upstart wants to fix that appeared first on The Ken .
Senior wealth managers in India are increasingly opting for job hopping, with 100 senior professionals agreeing to invest in and work for Anirudha Taparia's new venture, Nexedge Capital, last year. The Indian ultra-high-net-worth population has grown by 63% over five years, making India the sixth-largest in the world and presenting a $1.6 trillion opportunity for wealth management.
Established firms are expanding through acquisitions, while newer firms like Nexedge Capital are entering the market, seeking bankers who can bring clients with them. The conventional model, however, faces issues, particularly at wealth managers within larger financial institutions that sell their own products. Relationship managers may move to new platforms, taking a significant portion of their clients' assets under management (AUM) with them.
Nexedge Capital aims to address this by offering bankers a stake in the company, making them long-term custodians of relationships and the institution they are building. By doing so, the model seeks to align the bankers' interests with those of the institution, potentially reducing job hopping.
Written by urgent.news from The Ken's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
