The firm is expanding its team of bankers across locations to cater to the growing needs of high-net-worth individual and ultra-high net-worth individual clients: Bank’s affluent banking unit head
India’s wealth management industry is projected to double its assets to $2.3 trillion by March 2029, from $1.1 trillion in March 2024. | Photo Credit: ANUSHREE FADNAVIS/REUTERS
Axis Bank Ltd. is adding 50 private bankers and plans to launch several funds in India’s low-tax finance hub, as part of a broader strategy to tap into the explosive growth of the country’s wealthy population.
“We have now expanded to 52 cities from 30 last year to tap the growing wealth in tier 2 cities and beyond,” said Mumbai-based Arnika Dixit, who heads wealth management and the affluent banking unit at the country’s third-largest private sector bank.
The firm is expanding its team of bankers across locations to cater to the growing needs of high-net-worth individual and ultra-high net-worth individual clients, Dixit told Bloomberg News in an interview last week.
Burgundy Private
Axis Bank is recruiting the senior money managers for its private banking division called “Burgundy Private”, which has 250 bankers, according to its latest annual report. The move adds to an industry-wide hiring spree, with global players such as HSBC Holdings Plc and Standard Chartered Plc, along with domestic firms including Uday Kotak’s private bank and 360 One WAM Ltd., all expanding to capture a booming client base.
India’s wealth management industry is projected to double its assets to $2.3 trillion by March 2029, from $1.1 trillion in March 2024. Tens of thousands of new millionaires are being created in the country each year, fueled by record-setting initial public offerings, private equity and venture-capital investments, and a strong equity market.
Rich client pool
The rapid rise in rich clients has intensified competition among wealth managers, triggering aggressive hirings with sign-on bonuses, high commissions, and other incentives. However, banks remain constrained by regulation that limit the use of special compensation structures.
Still, Dixit said Axis Bank’s strength lies is its ability to provide a gamut of services including wealth management, banking, asset management, investment banking and capital markets. The firm ranks as the third-largest private bank in the country, according to data from industry publication Asian Private Banker for 2024.
Axis Bank managed ₹6.45 trillion ($71.4 billion) worth of wealth assets under the Burgundy brand as of September. Of this, around ₹2.5 trillion is overseen by Burgundy Private, caters to 15,250 ultra-high-net-worth clients, each with at least ₹50 million in investible assets.
Published on December 15, 2025
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