Mumbai-headquartered Avendus has hired Julius Baer’s former India CEO to lead its wealth management business.
Avendus Wealth Management has appointed Umang Papneja as vice chairman and CEO, according to an announcement.
Papneja has more than 20 years of experience across private banking and wealth management, most recently as the CEO of Julius Baer’s onshore India unit. Prior to that, he also worked at IIFL Wealth and Societe Generale Private Banking.
“Avendus has deep roots in India’s entrepreneurial ecosystem. Our relationships with founders span many years and across different stages of their journey, giving us a deep understanding of both their personal and business aspirations. Building a distinctive wealth platform around these relationships is an important priority for us,” commented Gaurav Deepak, Avendus Group’s co-founder and CEO.
“Umang shares our vision and values, and brings a rare combination of investment expertise, experience building businesses at scale, and the trust of India’s leading families. I am delighted to welcome him to Avendus as we build the next phase of our wealth business.”
Avendus Wealth Management started in 2010 to serve a range of clients, including family offices, ultra-high net worth individuals and corporates. According to its website, it has over USD 9 billion in assets under management.
