Former Citigroup banker draws $2 billion for Nexedge Capital in India

Core Insights - A former private banker has raised nearly $2 billion for a new investment firm in India, targeting a wealth market projected to reach at least $10 trillion in the next decade [1][5]. Company Overview - Nexedge Capital, founded by Anirudha Taparia, has attracted significant assets in less than a year and plans to expand its workforce from 60 to 90 bankers [2][4]. - The firm aims to manage assets of $2.5 billion shortly and plans to increase its offices from six to 20, including an international office for non-resident Indians [4]. Market Potential - India is experiencing rapid growth in wealth, with approximately 917,000 millionaires and nearly 200 billionaires, and assets under management expected to rise from $1.1 trillion in 2024 to $2.3 trillion by 2029 [3]. - The potential market for financial advisers is estimated to grow from around $3 trillion to between $9 trillion and $10 trillion in the next decade [5]. Industry Trends - There is a rising demand for personalized financial advice as many Indians are moving up the income and wealth ladder, prompting private banks and wealth managers to expand [6]. - The competition for talent in the financial advisory sector has intensified, leading to increased salaries and compensation packages [6]. Business Philosophy - Nexedge Capital focuses on long-term client relationships rather than merely selling financial products, emphasizing net worth management [7].