Standard Chartered Private Bank has been steadily hiring senior bankers for its Global South Asia Community team, which mainly serves the non-resident Indian market, over the last two months.
The bank has hired four bankers from Julius Baer, including Bharath Shetty, who will head a team that includes his former colleagues Apurva Kothari, Deepak KV and Komal Syal, who have all been named managing directors.
Gagan Mehrotra has been appointed executive director. He joins from JP Morgan where he managed ultra high net worth clients from Singapore, India and the UAE.
All hires are based in Singapore and report to Vishal Jain, managing director and market head, GSAC Asia.
The bank has been increasing its focus on the non-resident Indian community since a strategic review in 2015. It hopes to increase its NRI clientele as wealthy individuals from India move money overseas and set up more institutionalised structures to manage their wealth.
‘Clients are creating family offices with proper infrastructure in Singapore, Dubai and London, ensuring they have the right person they trust, with the right credentials to manage their offshore wealth in a complaint wealth in a compliant way,’ Srinivas Sripurapu, head of GSAC told Citywire Asia in a recent interview.