Julius Baer appoints Umang Papneja as India unit CEO

Julius Baer, the Swiss wealth administration group, on Monday introduced the appointment of Umang Papneja as the brand new chief govt officer (CEO) for Julius Baer India, efficient 1 August, 2022.

Papneja will report back to Rahul Malhotra, head world India and developed markets. He takes over the function from Ashish Gumashta who will assume the function as govt chairman, Julius Baer Wealth Advisors (India).

According to the corporate, Gumashta will proceed to play an essential function in driving key consumer relationships and constructing efficient partnerships with stakeholders and regulators.

Papneja joins from IIFL Wealth Management the place he was the chief funding officer, offering strategic steerage for funding selections throughout asset courses together with equities, actual property, mounted earnings, commodities and alternate options with a give attention to steady product innovation.

Prior to becoming a member of IIFL Wealth in 2009, Papneja was the top of investments at Societe Generale Private Banking in Mumbai and was profitable in creating funding merchandise and concepts for home as nicely as NRI purchasers of the Global Indian Subcontinent staff.

The agency added that Shitin Desai will retire from the Board of Julius Baer Wealth Advisors (India) following an illustrious profession spanning greater than three a long time as the founding member of DSP Investments and later holding senior positions throughout Merrill Lynch and Julius Baer India.

Commenting on the appointments, Rahul Malhotra stated, “We are assured that with Umang’s deep onshore information and community, he’ll be capable to drive our development technique and give attention to increase a significant presence domestically by extending our attain into extra key cities in India. With his sturdy background in investments, he will even steer our native product and infrastructure innovation the place we’ll additional develop a broader vary of subtle and related services catered to the rising group of high-net-worth people in India.”

Malhotra added: “I like to thank Ashish for leading our growth over the last six years, where he played an instrumental role in helping us advance our strategic position as the largest foreign wealth manager in India. At the same time, I would also like to thank Shitin for his commitment and contributions to our franchise in India and wish him a great retirement.”

India is a core marketplace for Julius Baer and the financial institution expects to additional solidify its place available in the market as the most important international non-public financial institution in India.

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