India’s growing base of wealthy investors is driving fresh hiring at Axis Bank, which plans to add 50 private bankers as it strengthens its wealth management business.
The private lender is expanding its presence across the country to serve high net worth and ultra high net worth individuals. Axis Bank is increasing its reach beyond major metros to capture rising wealth in smaller cities.
“We have expanded to 52 cities from 30 last year to tap the rising wealth in tier II cities and beyond,” said Arnika Dixit, who heads wealth management and affluent banking at Axis Bank, in an interview with a global business news agency.
The new hires will join Burgundy Private, the bank’s private banking arm. Burgundy Private currently employs around 250 bankers, according to the bank’s latest annual report. Axis Bank is looking to recruit senior money managers to support its next phase of growth.
As of September, Axis Bank managed ₹6.45 trillion or $71.4 billion in wealth assets under the Burgundy brand. Around ₹2.5 trillion of this is handled by Burgundy Private, which serves 15,250 ultra high net worth clients. Each client has at least ₹5 crore in investible assets, as per the report.
Axis Bank is also preparing to launch several funds from Gujarat International Finance Tec City in early 2026. These funds will target non resident Indians and wealthy investors through feeder and direct structures linked to India’s capital markets.
In addition, the bank plans to introduce outbound funds that invest in global equity markets and dollar denominated structured products.
The hiring push reflects a wider trend across the wealth management industry. Global banks such as HSBC Holdings Plc and Standard Chartered Plc, along with domestic players including Uday Kotak’s private bank and 360 One WAM Ltd, are expanding aggressively to capture a growing pool of affluent clients.
India’s wealth management industry is expected to see rapid growth. Assets under management are projected to double to $2.3 trillion by March 2029, up from $1.1 trillion in March 2024. This growth is being driven by strong equity markets, record initial public offerings, and rising private equity and venture capital activity.
Despite strong demand for talent, banks continue to face regulatory limits on special compensation structures, even as competition for experienced private bankers intensifies.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.
