Family Office
SocGen's wealth-management ambitions in India

And efforts to extend HNW services shed a ray of light on
Rockefeller deal. Paris-based Societe Generale has hired a new
head for its private-banking operations in India. The appointment
of Nipun Mehta coincides with the French bank's efforts to win
regulatory approval to provide non-banking wealth-management
services in India.
"We hired Nipun Mehta as head [of Indian] private banking to
bring in some vigor and leadership to our wealth-management
business," says Balakrishnan Kunnambath, manager of SG Private
Banking 's (SGPB) Asian-Pacific region. "We are also trying to
expand our offerings in the country in terms of widening and
deepening of our product range, which again underlines the faith
in the market."
To that end, SGPB has applied to the Reserve Bank of India for
permission to operate a "non-banking financial company" in India.
It needs that to provide non-banking services-- mainly portfolio
management -- to private clients in India.
By the way
Kunnambath says that SGPB's efforts to win approval to private
broader wealth-management services in India is similar to its
recent purchase of a 37% stake in the New York-based multifamily
office and wealth-management technology provider Rockefeller &
Co. in that both stand to make a "major impact in terms of our
global offerings" to clients in India and the rest of the private
bank's Asia-Pacific market.
Rockefeller & Co. has so far declined to say how - or even if --
its tie-in with Societe Generale might work to increase uptake
for its ultra-high-net-worth services in non-U.S. markets.
In 2006, India had approximately 100,000 individuals or families
with the equivalent of at least $1 million in financial assets,
according to research by Capgemini and Merrill Lynch.
Societe Generale has been providing lending and depositary
services to wealthy Indians since late in 2005. Among other big
international firms than have responded to India's robust economy
and favorable demographics -- unlike other Asian giants its
overall population is remarkably youthful -- are Credit Suisse,
Merrill, Citigroup and Morgan Stanley.
Prior to joining SGPB, Mehta was CEO of Unitis Tower Wealth
Advisors, a Mumbai-based boutique that manages assets for wealthy
Indian residents and expatriates.
DSP Merrill
In another Indian wealth-management appointment, Morgan Stanley
has named Sameer Gupta as head of wealth management in its
southern India market.
"Our focus in India is to offer our private-banking clients a
world-class product offering through having [available the best
people, technology and operations platform in the industry]" says
Himanshu Bhagat head of Indian sales for Morgan Stanley Private
Wealth Management.
Prior to joining Morgan Stanley, Gupta was co-head of
private-client lending at Merrill's Indian joint venture DSP
Merrill Lynch. -FWR
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