Swiss private bank EFG is exiting Indian market with its top brass – managing assets estimated at $250 million – moving over to L&T Finance Holdings. The development marks L&T’s foray into private wealth management, providing it with a robust platform of assets to start, said sources directly familiar with the matter.
Troubled by the Eurozone crisis, EFG decided to pull out earlier this year leading to the exit of its chief executive Manoj Shenoy and 12 private bankers, who went over to L&T Finance Holdings in recent weeks. EFG India had $350 million in assets under management (AUM), and about $250 million may move along with the bankers to L&T, said sources who did not wish to be named.
L&T Finance Holdings is the financial services arm of $11-billion construction and engineering firm Larsen & Toubro, which raised Rs 1,200 crore in an initial public offering (IPO) last year. A senior executive at L&T Finance Holdings said the company had inducted private bankers from EFG but declined to elaborate. Shenoy confirmed he has taken up a new assignment with L&T Finance Holdings – as director and business head to set up private wealth management.
Source: Times of India