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Julius Baer Announces New CEO for Julius Baer India

Umang Papneja is a seasoned professional with an excellent track record and solid work experience in large scale and significant companies.

Julius Baer, ​​Switzerland’s leading wealth management group, today announced the appointment of Umang Papneja as the new CEO of Julius Baer India, effective August 1, 2022. Umang will report to Rahul Malhotra, Head Global India and Developed Markets. He succeeds Ashish Gumashta who will assume the role of Executive Chairman of Julius Baer India. Ashish is one of our strongest leaders, and he will continue to play an important role in building relationships with key customers and building effective partnerships with stakeholders and regulators.

Umang Papneja is a seasoned professional with an excellent track record and solid work experience in large scale and significant companies. He joins IIFL Wealth Management where he was Chief Investment Officer, providing strategic advice for investment decisions across all asset classes including equities, real estate, fixed income, commodities and alternatives, with an emphasis on continuous product innovation. Prior to joining IIFL Wealth in 2009, Umang was Head of Investments at Societe Generale Private Banking in Mumbai and successfully created products and investment ideas for domestic and NRI clients in the Global Indian Subcontinent team.

Shitin Desai will be leaving the board of directors of Julius Baer Wealth Advisors (India) after an illustrious career spanning more than three decades as a founding member of DSP Investments and subsequently held senior positions at Merrill Lynch and Julius Baer India.

Commenting on the appointments, Rahul Malhotra said, “With our new management team, we have proven leaders who will work closely together to take our onshore franchise in India to the next level. We are confident that with Umang’s deep knowledge and onshore network, he will be able to drive our growth strategy and focus on building a major local presence by expanding our reach into more key cities in India. With his strong investment background, he will also lead our local product and infrastructure innovation where we will further develop a wider range of sophisticated and relevant products and services for the growing community of high net worth individuals in India. .

“I would like to thank Ashish for leading our growth over the past six years, where he has been instrumental in helping us advance our strategic position as the largest overseas wealth manager in India. At the same time, I would also like to thank Shitin for his commitment and contributions to our franchise in India and wish him an excellent retirement.

India is a key market for Julius Baer and the Bank plans to further consolidate its strong market position as the largest foreign private bank in India. The opportunities in India are vast, with India currently the sixth largest economy in the world and expected to overtake the United States as the second largest by 2050.

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