Vinay Gandhi skips to J.P. Morgan from Deutsche

J.P. Morgan poaches Vinay Gandhi from Deutsche to head its global India business for the private bank.

J.P. Morgan has poached Vinay Gandhi from Deutsche Bank to head its global India business for the private bank.

Gandhi joins J.P. Morgan as a managing director, will be based in Singapore and will cover ultra-high-net-worth Indian clients around the world. He will report to Paul Scibetta, chief executive officer of J.P. Morgan's private bank in Asia, and will be a member of the operating committee of J.P. Morgan's private bank.

"The India market is a top growth priority for us, and Vinay brings unparalleled knowledge and experience with ultra-high-net-worth Indian clients to lead our efforts," Scibetta said in a written statement.

Gandhi was earlier head of South Asia for private wealth management at Deutsche Bank in Singapore, responsible for the coverage of non-resident Indians (NRI) in Asia-Pacific and the Middle East.

J.P. Morgan serves its upper tier of wealthy clients (ultra-high-net-worth individuals) through the private bank and HNWIs through private wealth management. It had $1.3 billion of assets under management globally as of September 30, of which $180 billion was from ultra-HNWIs.

A number of private banks are growing their Asia teams as the region's wealthy are increasingly seeking professional advice. Swiss boutique private bank Clariden Leu has been on a senior hiring spree, poaching mostly from Deutsche. Last week Clariden appointed Raymond Chung and David Louie, both from Deutsche, as co-heads of North Asia.

Standard Chartered confirmed recently that it would be adding 100 relationship managers to its current strength of 350 RMs over the next 12 months.

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