IIFL Capital Hires 4 Senior Barclays Bankers to Expand Wealth Arm

Fairfax-controlled IIFL Capital Services Ltd. Has hired four senior private bankers from Barclays Plc to target ultra-high-net-worth families, business promoters and non-resident Indians, the company said on Monday.

Neeraj Pandey, Subir Didwania, Kunal Kapadia and Vivek Makim have joined IIFL Capital’s wealth unit as senior executives. The team will lead the expansion of its domestic wealth business and its Global Indian division, which manages cross-border assets for Indian families.

Pandey will anchor the Global Indian business after spending more than seven years at Barclays leading a team focused on high-net-worth individuals and family offices.

Where the Team Lands

Didwania spent two decades at Barclays, most recently as a director overseeing corporate and family office relationships. Kapadia previously worked at Citibank, Deutsche Bank and Edelweiss before joining Barclays, while Makim spent 10 years at Barclays Private Bank India after stints at DSP Merrill Lynch and HSBC Private Bank.

“Talent is the ultimate differentiator in financial services. By welcoming experienced private banking professionals to IIFL Capital, we are strengthening our capabilities, deepening client relationships, and accelerating our growth ambitions,” joint chief executive Prakash Bulusu told Mint .

The Battle for Indian Balance Sheets

Domestic non-bank wealth managers in India are systematically stripping talent from European lenders whose headquarters are cutting costs. Global lenders including Barclays, HSBC, Standard Chartered and Mizuho have announced over 35,000 job reductions globally since October last year as automation programmes reduce staff numbers. Barclays itself initiated plans to cut 5,000 jobs, or 5 percent of its global headcount.