(Bloomberg) -- Anirudha Taparia, co-chief executive officer at Bain Capital-backed 360 One WAM Ltd., is leaving the firm amid the boom in wealth management in the country.
New Delhi-based Taparia, who’s seen as key in building the firm to be one of India’s largest wealth managers, plans to explore striking out on his own, according to people with knowledge of the matter. He has been in discussions with a few private equity firms keen to build out their wealth business in India, they said, asking not to be identified citing private information.
360 One confirmed Taparia’s departure, saying he tendered his resignation last month and a smooth transition is underway. Taparia declined to comment.
Taparia spent more than 12 years at IIFL Wealth & Asset Management, that changed its name to 360 One last year, according to his LinkedIn profile. He was previously at Citigroup Inc. for a decade, the profile states.
India is undergoing massive wealth generation and the number of individuals with more than $30 million of assets is expected to grow by 50% between 2023 and 2028, according to a Knight Frank wealth report. As a result, banks and independent wealth managers have been clamoring for a share of managing this expanding pool of riches by ramping up their teams, as well as their products and services.
Private equity firms are also hunting for deals in the space. Blackstone Inc. acquired a majority stake in ASK Investment Managers Ltd. while Bain invested in 360 One in 2022. PAG invested in Edelweiss Wealth Management in 2021 and more recently, Peak XV Partners bought a stake in Neo Group. KKR’s portfolio company Avendus Capital is also expanding its wealth business.
360 One has more than 1100 employees across 28 offices, according to its website. It manages assets of about 5.21 trillion rupees ($62 billion). Shares of the firm have surged more than 56% so far this year and it is set to report results today.
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