"At a time like this, I am excited to join an organization that aims to be constantly ahead of the curve in determining these trends and in seizing this opportunity. PAG and EWM have a shared vision of building a unique and unrivaled client-focused business, and I’m very pleased to be working with CEO Nitin Jain on this opportunity."
Edelweiss Wealth Management (EWM), one of India’s fastest growing private wealth advisory firms, announces the appointment of Pankaj Razdan as Vice Chairman and Managing Director. Edelweiss Wealth Management is owned 61.5% by PAG, one of the world’s largest Asia-focused investment groups, and 38.5% by Edelweiss Group. Mr. Razdan will lead strategic initiatives for Edelweiss Wealth Management and work closely with CEO Nitin Jain, who will continue to drive business operations.
Mr. Razdan has led and steered multiple large financial services verticals to leadership positions over the last two decades. In his previous role, Mr. Razdan was Deputy Chief Executive of Aditya Birla Capital Limited, the financial services business of the Aditya Birla Group. He has a long and successful track record of building large retail, HNI and Institutional franchises in India and overseas. At Aditya Birla Capital, he oversaw multiple existing businesses such as Asset Management, Offshore, Distribution, Broking, Wealth Management, Capital Markets and Real Estate Private Equity. He is also credited with launching various new lines of business such as a Real Estate Fund, a Private Equity Fund, Offshore Asset Management, SME lending, etc.
Speaking on the development, Nikhil Srivastava, Partner and Managing Director, Head of India Private Equity, PAG, said: “Pankaj is a valuable addition to the existing stellar management team at EWM. Our goal is to build EWM into the most preferred private wealth advisor for both individuals and family offices, with world class product propositions and client service. Given the scale of our ambition and the size of the opportunity in India, EWM will always be looking to align with talented individuals like Pankaj who share its vision. Pankaj has a track record of creating inspirational visions for himself and his teams and expanding the boundaries of what’s possible in a business or a market.”
Rashesh Shah, Chairman, Edelweiss Group said, “Pankaj brings with him more than 20 years of experience in building businesses and expanding the edges of existing ones. In his role as Vice Chairman and MD at EWM, Pankaj will help grow the franchise, further strengthen EWM's market position and create long-term value for all stakeholders.”
The INR 300 trillion Indian wealth management industry has been expanding rapidly at a five-year CAGR of 11.3%. With a strong estimated growth trajectory of 12.5% per year going forward, it is expected to reach INR 540 trillion in the next five years, presenting a large opportunity space for EWM.
Pankaj Razdan said: “These are not just interesting, but fascinating times for India, as it is witnessing an unprecedented expansion in the ranks of the wealthy. We are also seeing inter-generational shifts in demand for wealth management services as the age profile of the rich and wealthy is beginning to get younger. At a time like this, I am excited to join an organization which aims to be constantly ahead of the curve in determining these trends and in seizing this opportunity. PAG and EWM have a shared vision of building a unique and unrivalled client-focused business, and I’m very pleased to be working with CEO Nitin Jain on this opportunity. Together with PAG’s global expertise, I am certain that we will create a world-class franchise.”
Edelweiss Wealth Management reported Revenues of INR 880 crores and Profit after Tax of INR 180 crores for 9MFY21, has consistently outpaced the market while making rapid strides in industry rankings as is evident in the customer assets under advice that now amount to INR 1.45 trillion, growing with a 43% CAGR from just INR 185 billion around 6 years ago in 2015.
PAG is a leading private equity investor in Asia’s fast-growing economies and is especially keen on the Indian market, where it expects to invest more than INR 7,000 crores in total over the next two to three years.