Swiss private banking group Julius Baer has appointed Ashish Gumashta as chief executive officer of its wealth management business in the country, Julius Baer Wealth Advisors (India) Pvt. Ltd.
Gumashta will report to Rémy A Bersier, head - emerging markets and member of the executive board of Bank Julius Baer & Co. Ltd, the company said in a statement.
With over two decades of experience in the private banking industry, Gumastha played a key role within Julius Baer in India since the integration of Julius Baer and DSP Merrill Lynch’s International Wealth Management business in the country in September 2015.
“India is a high-potential market for our group with a unique demographic profile. Julius Baer is committed to building a well-differentiated wealth management platform in the region, covering the market from five locations,” Bersier said.
Gumastha, who joined DSP in 1994 before becoming managing director in 2006, replaces Atul Singh, who has decided to pursue an opportunity outside the bank.
Singh was a key player in the integration of the former Merrill Lynch business in India.
“In the Asia Pacific region, India is among the top five countries in terms of high net worth individuals (HNWIs). Julius Baer brings a different approach to wealth management and advisory,” said Gumastha.
Julius Baer focuses on servicing and advising high-end private clients. At the end of April 2017, it had assets under management (AUM) worth 356 billion Swiss francs.
Bank Julius Baer & Co. Ltd, a Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd.
The group has a presence in over 25 countries and more than 50 locations and employs over 6,000, including approximately 1,400 relationship managers.
It is headquartered in Zurich, with offices in 13 locations, including Mumbai.