IIFL, Centrum Hire Experienced Hands from MNC Banks
Fin cos rope in execs from foreign banks that are shrinking presence here
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.