Wealth management firms are looking at ways to lure non-resident Indians (NRI) as clients due to their substantial amount of wealth, a recent report has revealed.
NRI is a person who was born in India and now lives abroad, mainly in countries like Australia, Canada, United Kingdom, United States and Singapore according to UK-housed research firm, Datamonitor.
There are 6.2 million NRIs who have $US500 billion of liquid assets that wealth management companies are vying to handle, Datamonitor's report said.
"Both international and Indian private banks and wealth managers are eager to target this niche segment," it said.
The study showed that Indians have a strong connection with their homeland and would often invest 15 per cent to 25 per cent there.
Companies are targeting NRIs as clients by making joint ventures with firms who have the expertise to deal with Indian clients, the report said.
France-based Societe Private Banking and Merrill Lynch are pursuing clients by boosting their NRI businesses while Indian banks like ICIC and Axis are using branding to attract NRIs.
The survey showed that Asia-Pacific and European wealth managers profile Indians as being sophisticated clients who want a say in how their portfolio is run.
Wealth managers who can deliver tax advisory services and offer a broad range of investments including emerging markets, cash accounts, property and private equity are the most attractive to NRIs.
