Around two-three years ago, we were at Rs4,000 crore,” said George Mitra, chief executive officer of Avendus Wealth Management. Towards this end, Avendus entered the asset management and wealth management businesses, although it smartly leveraged its strength. The Avendus wealth management practice continues to focus on this inner circle of relationships built through the advisory practice. The growth has also been helped by the exit of several foreign banks from the wealth management business over the past four-five years. Bank of America-Merrill Lynch, Morgan Stanley, UBS and EFG Group have exited the wealth management business.

Source: Mint November 02, 2016 18:26 UTC