India's best private bank 2017: IIFL
Over the next few decades, this will be one of the most highly coveted awards in India – and perhaps the world. The number of high and ultra-high net-worth individuals is rising fast: India is now home to the fourth-highest number of HNWs in Asia, according to a 2016 Capgemini report.
Many wealth managers want to be known as the best provider of financial advice to the country’s elite, but currently there is a clear winner, and that is IIFL Wealth & Asset Management.
IIFL is a full-service wealth manager, offering asset management, retail and institutional broking, and distribution of a full suite of financial products. In recent years, it has expanded its presence at home and abroad, opening a dozen branches in large Indian cities, as well as offices in London, Dubai, Geneva, New York and Singapore.
But size matters, too, in wealth management. And here, again, IIFL rules supreme. It passed $16 billion in assets under management in December 2016, nearly double the AuM of the country’s second largest wealth manager. IIFL boasts 220 relationship managers – again more than any of its domestic peers.
In the nine months to the end of 2016, it posted an 8.3% rise in pre-tax profit and a 9% rise in the number of HNW clients. Over the past six years, earnings are up 43%, revenues up 41%, and its number of wealthy clients up 45%, on a compound basis.