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Credit Suisse crisis sends shivers amongst wealthy Indians
Credit Suisse The Credit Suisse Group AG crisis is likely to make a dent on the way well-off Indians view international wealth managers, a firm backed by Liechtenstein’s royal family said Tuesday. “This particular event once again reminds and recalls the past uncertainty in terms of their business strategies,” Cheruvu told Bloomberg Television. “ Investors primarily want stability of business operations of their wealth managers and wealth advisors.” This year, Citigroup Inc. exited its retail operations in India through a sale to Axis Bank, transferring all its wealth management business to the country’s third-largest private sector lender. In addition, in the past decade, Credit Suisse’s new buyer — UBS AG, Morgan Stanley and Macquarie Group Ltd. have exited the country’s private-wealth business, after finding it difficult to make money from the value-conscious millionaires who were not used to pay for their advice. Julius Baer Says Aggressively Ramping Up India Wealth Business “Structurally India is offering a great growth opportunity for the next three, five, seven years. Source- https://www.moneycontrol.com/news/business/credit-suisse-crisis-sends-shivers-amongst-wealthy-indians-10286581.html
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