ASK Group, backed by global investment giant Blackstone Inc., plans to recruit 70 new private bankers in India as competition intensifies in the country’s rapidly expanding wealth management sector.
The move will bring the total number of bankers at ASK Private Wealth to 175 by the end of March 2026, up from the current 105, according to CEO and co-founder Rajesh Saluja.
India’s growing population of high-net-worth individuals is fueling demand for financial advisory services. New entrants and established firms, including 360 One WAM Ltd. (backed by Bain Capital) and Nuvama Wealth Management Ltd. (supported by PAG), are scaling up to capture market share.
ASK Private Wealth currently manages over ₹520 billion ($6 billion) in assets for more than 3,700 affluent families. Across its broader investment platform, ASK Group oversees ₹745 billion ($8.6 billion) in assets, including alternative investment funds and portfolio management services.
Despite expansion plans, Saluja said the company would take a cautious approach to hiring, avoiding candidates with inconsistent job histories or aggressive risk profiles. “I want to be sure that the expense is justified, they fit our culture, and we are getting the right candidate,” he noted.
Saluja added that investor interest remains strong in gold, fixed-income alternative funds such as distressed and high-yield debt, and core equity investments through index and mutual funds.
Blackstone acquired a majority stake in ASK Group in 2022, marking a key bet on India’s growing financial services ecosystem.
