Previously At Credit Suisse, Sandipan Roy Joined Motilal Oswal

(CTN News) – Credit Suisse’s top wealth managers in India have left as competition for managing the country’s growing wealth increases.

Sandipan Roy will serve as chief investment officer for the private wealth business at Motilal Oswal, according to a spokesperson for the company.

He will be responsible for reporting to Ashish Shanker, who is responsible for the unit. Roy held the position of director and head of products at Credit Suisse in India, according to his LinkedIn profile. Roy did not immediately respond to comment requests.  As a result of the emergency takeover by UBS Group AG last year,

Credit Suisse is currently undergoing a multi-year restructuring process.

Credit Suisse bankers in many regions lost their jobs as a result of the deal, but those in India’s wealth were presumed to be safe, given that UBS Credit Suisse had stepped away from the region a number of years ago.

UBS’s newly developed strategy emphasizes the importance of India’s affluent population.

The Credit Suisse bank planned to recruit private bankers in order to reach the wealthy and hired Ahmad Azeem in August as a portfolio manager for equities in order to develop new products.

According to people familiar with the matter, Young Jin Yee, who joined UBS as co-head of wealth management in Asia-Pacific in June, visited India in October to discuss strategy with executives.

A Julius Baer Group report estimates India’s wealth at $600 billion with a 12-percent annual growth rate. Global and domestic players are ramping up their teams in order to capture a share of this market in light of the increase in assets.

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