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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