InCred Wealth Achieves Remarkable Milestone of Rs 1 Lakh Crore in AUM in Just Six Years
In an impressive feat, InCred Wealth has successfully grown its assets under management (AUM) to over $10 billion, equivalent to more than Rs 1 lakh crore, all within a mere six years since its inception. This achievement sheds light on the dynamic landscape of private wealth management in India, which is experiencing significant growth.
According to a recent report from Deloitte, the private wealth management sector in India is set to expand dramatically, projected to soar from $1.1 trillion in FY24 to a staggering $2.3 trillion by FY29. This burgeoning market has attracted a multitude of new platforms and has seen a surge in funding activities over the last decade.
Against this backdrop, InCred Wealth has established itself as a formidable player, reaching its remarkable scale through what industry insiders attribute to effective execution and a dedicated team excelling in both leadership and client-facing roles.
In the realm of wealth management, it's often said that success is closely tied to talent. InCred Wealth’s hiring strategy is strongly influenced by its founder, Bhupinder Singh, who boasts an impressive career spanning over twenty years at Deutsche Bank before launching InCred in 2016. The company’s unicorn status achieved in 2023 further enhances its reputation among senior professionals and clients alike.
Currently, InCred Wealth employs more than 700 relationship managers who cater to family offices, ultra-high-net-worth individuals, and emerging affluent customers. "We go beyond traditional advisory services, providing our clients with unique access to global and private market opportunities. This includes tailored investments in late-stage private companies, international themes, and alternative strategies," shared CEO Nitin Rao during a conversation with Entrackr.
Nitin Rao, who has been part of InCred Wealth since its establishment in 2020, previously built HDFC Bank's private banking division and managed Reliance Wealth Management. He emphasized that InCred Wealth was constructed "from the ground up" with the specific goal of integrating global-quality concepts into Indian wealth management practices.
With a robust network of relationship managers across various sectors and a median experience level approaching two decades, InCred Wealth is well-positioned to address the diverse needs of its clients. The firm adopts an open-architecture model that leans towards alternative investments such as private equity, credit, and market-linked debentures. This offering is bolstered by a structured products desk and synergies across multiple segments, including broking, institutional research, investment banking, and capital markets.
In addition to its domestic operations, InCred Wealth has also launched an offshore platform named InCred Global Wealth. "We currently manage over $3 billion in assets through teams located in key global financial hubs including Singapore, Dubai, and London," Rao noted.
This rapid ascent of InCred Wealth not only signifies the firm’s dedication to innovation and quality but also highlights the evolving nature of wealth management in India. But here's where it gets controversial: as more players enter this expanding market, how will established firms adapt to maintain their competitive edge? What do you think about the future of wealth management in India? Share your thoughts below!
