IIFL, Cen­trum Hire Ex­pe­ri­enced Hands from MNC Banks

Fin cos rope in ex­ecs from for­eign banks that are shrink­ing pres­ence here

The Economic Times - - Companies - Saikat.Das1@ times­group.com

Mum­bai: In­dia In­fo­line (IIFL) and Cen­trum, two ris­ing fi­nan­cial in­ter­me­di­aries, have ben­e­fited from the shrink­ing of in­ter­na­tional banks such as Royal Bank of Scot­land, Bar­clays and oth­ers in In­dia, pro­vid­ing a pipe­line of ex­pe­ri­enced re­cruits.

At least 26-30 peo­ple have joined them in the past two-three months. Dozens more are ex­pected to do so in the next few weeks as the do­mes­tic firms ag­gres­sively ac­quire tal­ent to ex­pand in a promis­ing mar­ket, said peo­ple.

Most of the em­ploy­ees are in the 35-45 age bracket. They have mostly joined wealth man­age­ment di­vi­sions as part­ners, di­rec­tors, vice pres­i­dents and as­sis­tant vice pres­i­dents with stock op­tions and av­er­age salary in­creases of 25-35%, which gen­er­ally runs into lakhs of ru­pees a month.

Eight se­nior Bar­clays em­ploy­ees re­cently joined IIFL and five more are likely to come on board in the next few weeks.

“Pro­fes­sion­als who worked in for­eign banks bring global ex­per­tise,” said Nirmal Jain, chair­man, IIFL. “We of­fer huge au­ton­omy, flex­i­bil­ity and own­er­ship (and) also they get lot of scope for growth. Do­mes­tic wealth man­age­ment is ex­pand­ing like never be­fore.” Sha­jiku­mar De­vakar has joined as se­nior part­ner re­port­ing to Karan Bha­gat, MD, IIFL Wealth Man­age­ment. Apart from this, about a dozen peo­ple have joined IIFL from Stan­dard Char­tered Bank, Citi Bank and HSBC Bank. They in­clude Som­nath Mukher­jee, Ekta Keswani, Jijo Joseph, Sailesh Kar­nani, Su­mit Bhasin and Niy­ati Raval. Apoorva Ti­wari, COO at the group level, came from Mor­gan Stan­ley. “When it comes to work­ing in for­eign banks, the com­fort level is clearly re­ced­ing, while do­mes­tic fi­nan­cial ser­vices com­pa­nies are in­creas­ingly be­com­ing the pre­ferred choice,” said Sandeep Nayak, CEO, Cen­trum Broking, which has re­cruited eight such per­son­nel in the last two-three months. They in­clude Vikas Garg, who has joined as se­nior VP from BNP Paribas, Alok Gupta from Citibank and Saurabh Sharma from RBS who are VPs. They are set to be joined by oth­ers.

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