Wealth-X, an ultra-high net worth (UHNW) intelligence and prospecting firm, is expanding into the Indian subcontinent with the appointment of Sahil Mehta as its head of business development for the region.
Prior to joining Wealth-X, Mehta worked at Deutsche Bank India on the client management team, focusing on the company's prime brokerage business, as well as on its global hedge fund consulting team.
His responsibilities at Wealth-X include driving sales initiatives, building client relationships and promoting the Wealth-X brand in the Indian subcontinent.
Mykolas D Rambus, Wealth-X CEO, says: "Wealth-X's business in the Indian subcontinent is set to grow rapidly. In addition to the financial services sector that will continue to use our intelligence, the major consumers of our intelligence are from the luxury, NGO and charity sectors. Wealth-X works closely with organisations and institutions that are prepared to challenge traditional ways of marketing in order to grow their businesses in this ever-competitive landscape."
Jay Jhaveri, Wealth-X's head of sales for Asia, says: "We are delighted to welcome Sahil Mehta to the Wealth-X team. He brings with him experience in the financial services sector and a deep understanding of the ultra-wealthy community, at both the macro and micro levels."
In terms of UHNW population, India ranks third in Asia behind Japan and China in the Wealth-X and UBS World Ultra Wealth Report 2013 with more than 7,800 UHNW individuals, defined as those with at least USD30m in assets.
The combined net worth of India's UHNW population is USD935bn in 2013, up by 1.1 per cent from the previous year. There are 103 billionaires in India with a combined net worth of USD180bn.
