Wealth Managers Exit India as Millionaires Difficult to Lure

Krishnan Ganesh, who sold his online-tutoring company in Bangalore for $213 million, is the type of client that attracted global wealth managers to India. His refusal to use them helps explain why some are leaving.

“Private bankers in India do limited value-addition,” said Ganesh, 52, whose experiences with them fed a conclusion that they pushed commissioned products for their own benefit rather than his. “In India, there’s a lack of alignment between a private banker and an individual’s needs.”