Mumbai-based ASK Private Wealth, a subsidiary of Blackstone Inc., plans to hire 70 new private bankers in India by March 2026 to meet growing demand in the wealth management sector. The company, which manages over $6 billion in assets for affluent families, aims to expand cautiously while focusing on hiring culturally aligned professionals.
Blackstone Inc.’s ASK Group is gearing up to significantly expand its private wealth operations in India, with plans to hire 70 new private bankers by March 2026. The move reflects intensified competition within India’s thriving wealth management sector, driven by a sharp rise in high-net-worth individuals across the country.
ASK Private Wealth, headquartered in Mumbai, Maharashtra, is a leading wealth management firm managing ₹520 billion (approximately $6 billion) in assets for more than 3,700 affluent Indian families. The company is targeting a total of 175 private bankers, up from its current 105, as it scales operations to meet growing client demand.
Rajesh Saluja, CEO and co-founder of ASK Private Wealth, confirmed the expansion in an interview this week, stating, “We are seeing substantial demand, but we will remain cautious in our hiring process. It’s vital that new bankers fit our culture and bring long-term value.”
ASK Group, which has over ₹745 billion ($8.6 billion) in total assets under advisory across its alternative investment funds, portfolio management services, and private wealth business, became majority-owned by global private equity giant Blackstone in 2022.
India’s wealth management market has seen an influx of new entrants as well as expansions from established players such as 360 One WAM Ltd. (formerly IIFL Wealth, backed by Bain Capital) and Nuvama Wealth Management Ltd., supported by PAG.
Saluja noted a sustained interest among Indian investors in gold, fixed-income alternatives such as distressed and high-yield debt, alongside equity index funds and mutual funds. However, he emphasized that ASK’s hiring strategy would avoid candidates who prioritize risky products or have a history of frequent job changes.
As India’s economic growth fuels the rise of wealthy individuals, ASK’s expansion signals the increasing sophistication and institutionalization of the country’s private wealth management industry.