People Moves
LGT's India Wealth Business Expands
The newly-appointed figure comes to the firm from Barclays Private Bank. India continues to be one of the busier areas for wealth sector growth, driven by an expansion in the number of HNW individuals.
LGT Wealth India, part of Liechtenstein’s LGT, has appointed Poonam Mirchandani as managing director for the wealth planning and family solutions division, media reports said late last week.
Based in Mumbai, Mirchandani will work with the LGT Wealth India team to expand its offerings in succession and estate planning. She will also help with wealth management, global mobility, and philanthropy, reports said. Her status is also confirmed on her LinkedIn profile.
Prior to this, Mirchandani served in senior roles at Barclays Private Bank for more than 13 years. She also worked at Vistra ITCL India.
WealthBriefingAsia has contacted LGT about the story to confirm details.
In October 2022, LGT launched LGT Wealth India, to offer wealth management services to clients in India through its Indian entity. India continues to be a busy area for wealth management news, reflecting the rise of a large affluent middle class. For example, last week reports said that UBS is looking at partnership options for wealth management in India.
According to TIFIN, an AI and innovation platform for the wealth sector, the penetration of wealth management in India is only 8 per cent (compared with 72 per cent in the US and 44 per cent in China). With a population of more than 1.4 billion, TIFIN expects over 500 million individuals to access wealth and asset management services in the next seven years.
As an example of Indian wealth management stories, earlier in July, Eton Solutions, which provides cloud-based services for family offices, launched its enterprise reporting platform in India, AtlasFive. It also announced that the launch client is Catamaran, the family office of Infosys’s founder, Narayana Murthy. The US-headquartered tech firm, created by US multi-family office Eton Advisors about a decade ago, also aims to set up a presence in GIFT City, Gujarat. Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is starting operations at the new GIFT City financial hub in India. HSBC also plans to offer dollar-denominated products to non-residents from the hub.
