Axis Bank plans to hire 50 private bankers amid wealth boom in India

As part of a broader strategy to capitalise on the rapid expansion of India’s wealthy population, Axis Bank is hiring 50 private bankers and preparing to launch several funds from the country’s low-tax financial hub.

The private lender is expanding its wealth management footprint across the country to cater to the growing needs of high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs).

“We have expanded to 52 cities from 30 last year to tap the rising wealth in tier II cities and beyond,” said Arnika Dixit, who heads wealth management and affluent banking at Axis Bank, in an interview with Bloomberg.

What does Burgundy Private’s expansion involve?

The bank is recruiting senior money managers for its private banking arm, Burgundy Private, which currently employs around 250 bankers, according to its latest annual report.

As of September, Axis Bank managed ₹6.45 trillion ($71.4 billion) in wealth assets under the Burgundy brand. Of this, about ₹2.5 trillion is managed by Burgundy Private, which caters to 15,250 ultra-high-net-worth clients, each with at least ₹5 crore in investible assets, Bloomberg reported.

Axis Bank also plans to launch multiple funds from Gujarat International Finance Tec-City (GIFT City) in early 2026. The bank is looking to offer inbound funds for non-resident Indians and wealthy clients through feeder and direct structures investing into India’s capital markets.

In addition, it plans to roll out outbound funds that invest in global equity markets and dollar-denominated structured products.

Why is Axis Bank on a hiring spree?

The move is part of a broader, industry-wide hiring push as 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, expand aggressively to capture a booming pool of wealthy clients.

The rapid rise in affluent investors has intensified competition among wealth managers, triggering aggressive hiring backed by sign-on bonuses, higher commissions and other incentives.

Another key driver is the fast growth of India’s wealth management industry, which is projected to double its assets under management to $2.3 trillion by March 2029, from $1.1 trillion in March 2024.

Tens of thousands of new millionaires are being created each year, fuelled by record initial public offerings, private equity and venture capital investments, and a strong equity market.

Despite the hiring boom, banks remain constrained by regulations that limit the use of special compensation structures.