Axis Bank on Monday launched Burgundy Private, a platform that would cater to high net worth and ultra-high net worth individuals. The platform would offer services like portfolio management, tax advisory, estate planning and real estate advisory.
Axis Bank MD and CEO Amitabh Chaudhry said there has been a 24% increase in the number of high net-worth individuals who report an income of more than Rs 5 crore.
"With the Burgundy Private wealth platform, we plan to tap this huge opportunity and gap in the market with one of its kind, niche, customised solutions, specifically meant for people who have finite time but infinite needs," he said before mentioning that the team has been working for over a period of eight months before launching the platform.
In India, high net worth individuals are those with a net worth of more than Rs 6.5 crore and ultra high net worth individuals are those with net worth of more than Rs 200 crore.
Satheesh Krishnamurthy, senior president & business head (affluent & NRI), said every client will be given an investment policy statement which would identify and help the clients in planning their investment goals. Additionally, clients would be given a metal card which would have the features of credit, debit and forex card.
Axis Bank had in 2014 started Burgundy, their wealth management arm for high net worth individuals. The brand manages the wealth of around one lakh families.