Axis to hire 50 private bankers to target wealth boom in India

Axis Bank is set to expand its private banking operations, aiming to capitalize on India's burgeoning wealth. The company intends to hire 50 private bankers and introduce new funds in Gujarat International Finance Tec-City (GIFT City), a low-tax financial hub.

Arnika Dixit, who heads wealth management and affluent banking at Axis Bank, noted that the bank has expanded its reach from 30 to 52 cities in the past year. This expansion is designed to tap into the increasing wealth in Tier 2 cities and beyond.

The new hires will bolster the "Burgundy Private" division, which currently has 250 bankers, according to the bank's latest annual report. This move aligns with a broader trend in the industry, as firms like HSBC Holdings, Standard Chartered, Uday Kotak’s private bank, and 360 One WAM Ltd. are also expanding to capture a larger share of the growing client base.

India's wealth management industry is expected to double its assets under management, reaching $2.3 trillion by March 2029, up from $1.1 trillion in March 2024. This growth is fueled by a surge in new millionaires, driven by successful IPOs, private equity and venture capital investments, and a strong stock market.

The competition for wealthy clients has intensified, leading to aggressive hiring practices, including sign-on bonuses and high commissions. That said, the reality is a bit more complicated. regulatory constraints limit the extent to which banks can use special compensation structures.

Despite these limitations, Axis Bank believes its strength lies in its comprehensive suite of services, including wealth management, banking, asset management, investment banking, and capital markets. According to Asian Private Banker, Axis Bank ranks as the third-largest private bank in India as of 2024.

As of September, Axis Bank managed 6.45 trillion rupees ($71.4 billion) in wealth assets under the Burgundy brand. Burgundy Private specifically caters to 15,250 ultra-high-net-worth clients, each with at least 50 million rupees in investable assets, overseeing approximately 2.5 trillion rupees.

Looking ahead to early 2026, Axis Bank plans to launch several funds from GIFT City. These funds will include inbound options for non-resident Indians and wealthy clients, offering feeder and direct routes into India’s capital markets. The bank also plans to provide outbound funds that invest in global equity markets and dollar-denominated structured products.