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Avendus Wealth Management appoints Apurva Sahijwani as new CEO to elevate services

Apurva Sahijwani appointed CEO of Avendus Wealth, targeting India's booming $600 billion wealth market.

By Athena Xu

5/15, 02:59 EDT

Key Takeaway

  • Apurva Sahijwani appointed CEO of Avendus Wealth Management, succeeding Nitin Singh, to enhance services for India's affluent.
  • Sahijwani brings extensive experience from leading Axis Bank’s Burgundy Private and aims to capitalize on India's $600 billion wealth market.
  • India's wealth industry, growing at 12% annually, attracts global banks as the ultra-rich population is set to lead global growth by 2028.

Leadership Transition at Avendus Wealth Management

Avendus Group has announced the appointment of Apurva Sahijwani as the new Chief Executive Officer of its wealth management division, marking a significant leadership transition aimed at bolstering its services for family offices and India's affluent individuals. This move comes after Nitin Singh departed to lead Barclays Plc’s Asia private bank last year. Avendus Wealth Management, established in 2010, has grown to manage over $6 billion in assets for a diverse clientele, including family offices, corporations, and wealthy individuals.

Sahijwani's Wealth Management Pedigree

Apurva Sahijwani brings a wealth of experience to Avendus Wealth Management, having most recently led Axis Bank’s private banking business, Burgundy Private. Under his leadership, Burgundy Private emerged as one of India's largest wealth management entities, especially after its merger with Citigroup’s wealth business. Sahijwani's career spans several prestigious institutions, including Citigroup, HSBC Holdings Plc, ICICI Bank, and Kotak Securities, showcasing a trajectory that has prepared him for the challenges and opportunities in managing wealth for India's rich.

India's Growing Wealth Landscape

The backdrop to Sahijwani's appointment is India's rapidly expanding wealth market, characterized by booming stock markets and a vibrant entrepreneurial ecosystem. According to Julius Baer Group Ltd., India's wealth industry, currently valued at $600 billion, is growing at an annual rate of 12%. Furthermore, projections by Knight Frank suggest that India's ultra-rich population is on track to experience the fastest growth globally by 2028. This burgeoning wealth has attracted the attention of both global and local banking giants, including HSBC, Julius Baer, Barclays, UBS Group AG, ICICI Bank, Axis, and Kotak Mahindra Bank, all vying for a share of the expanding wealth pool.