Axis will hire fifty private bankers to tackle wealth growth in India

India’s asset management industry is expected to double its assets to $2.3 trillion by March 2029 from $1.1 trillion by March 2024. | Photo credit: ANUSHREE FADNAVIS/REUTERS

“We have now expanded to 52 cities from 30 last year to tap the growing wealth in Tier 2 cities and beyond,” said Mumbai-based Arnika Dixit, head of wealth management and affluent banking division of the country’s third-largest private sector bank.

The company is expanding its team of bankers across locations to meet the growing needs of high-net-worth individual and ultra-high-net-worth individual clients, Dixit said. Bloomberg News in an interview last week.

Burgundy private

Axis Bank is in the process of recruiting senior money managers for its private banking division called ‘Burgundy Private’, which has 250 bankers, according to its latest annual report. The move adds to the hiring boom across the industry, with global players such as HSBC Holdings Plc and Standard Chartered Plc, along with domestic companies including Uday Kotak’s private bank and 360 One WAM Ltd., all expanding to capture a thriving customer base.

India’s asset management industry is expected to double its assets to $2.3 trillion by March 2029, from $1.1 trillion by March 2024. Tens of thousands of new millionaires are created in the country every year, fueled by record IPOs, private equity and venture capital investments, and a strong stock market.

Rich customer pool

The rapid rise of wealthy clients has intensified competition among asset managers, leading to aggressive hiring with sign-on bonuses, high commissions and other incentives. However, banks remain constrained by regulations that limit the use of special compensation structures.

Still, Dixit says Axis Bank’s strength lies in its ability to offer a range of services including wealth management, banking, wealth management, investment banking and capital markets. The company is the country’s third-largest private bank, according to 2024 data from industry publication Asian Private Banker.

Axis Bank managed ₹6.45 trillion ($71.4 billion) worth of wealth assets under the Burgundy brand as of September. Of this, about ₹2.5 trillion is overseen by Burgundy Private, which caters to 15,250 ultra-high-net-worth clients, each with at least ₹50 million in investable assets.

Published on December 15, 2025