UBS Group AG plans to rebuild its team in India as it prepares to create more products to compete for managing the wealth of rich Indians.
The bank, which returned to the private wealth market with its rescue takeover of Credit Suisse two months ago, plans to add at least seven relationship managers to bring its total advisory strength in India to about 25, according to people familiar with the matter. The bank is also beefing up its product team and is hiring two senior executives from rival firms in portfolio management services, which develops India-specific products, the people said, asking not to be identified as the details are confidential.
UBS declined to comment
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UBS, which exited the private-wealth market in India almost a decade ago, is among global firms from HSBC Holdings Plc to Julius Baer Group Ltd. taking increased bets there. While margins in the country may be comparatively slimmer than other markets, the firms are hoping to offset this with the opportunity of managing both the business and personal assets of their rich clients.
Young Jin Yee, who joined UBS as co-head of wealth management in Asia-Pacific in June, is scheduled to visit India in September, one of the people said.