Best private bank: Kotak Private Banking (Kotak Mahindra Bank)
Kotak Private Banking, a division of Kotak Mahindra Bank, secures this year’s award as India’s best private bank, supported by its financial strength, digital innovation and commitment to talent development.
From a financial perspective, Kotak Private Banking has built a broad and coherent wealth platform that serves ultra-high-net-worth and high-net-worth clients with end-to-end solutions across asset classes. Its relationship value reached several trillion INR as of June 2025, underpinned by disciplined advisory practices, an open architecture product approach, and deep expertise in risk management and portfolio construction.
The bank’s capabilities are further demonstrated through its comprehensive family office and succession-planning services, which remain a hallmark of its offering.
In the digital domain, Kotak Private Banking continues to enhance client experience through paperless onboarding, process automation, unified service platforms and tools such as robotic process automation. These advancements have strengthened transparency, reduced turnaround times, and improved client access and convenience across its network.
Finally, the bank’s investment in talent has sustained stability and service excellence. Kotak Private Banking reports some of the lowest attrition rates in the industry, supported by structured learning programmes, strong employee engagement, and robust recognition initiatives.
Best international private bank: HSBC Private Bank
HSBC Private Bank’s recognition as best international private bank in India in 2025 is underpinned by three core areas of progress: sustained business momentum, strengthened client engagement, and the development of a distinctive onshore-offshore platform.
The franchise has achieved steady expansion in India since its relaunch in mid-2023. Total client portfolios have increased at a healthy double-digit rate, and revenues have grown at a similar pace year-on-year. This reflects consistent traction and a clear ability to scale within a competitive environment.
The bank has also deepened its presence among India’s ultra-high-net-worth community. Over the past 12 months, it has welcomed well over 100 new families, including several from the Forbes India Top 50. The securing of a sizeable mandate through its integrated “One Bank” approach demonstrates rising client confidence and expanding wallet share.
Finally, its role in Gift City has positioned the bank as a relevant and forward-looking player in the domestic financial landscape, ranking among the top three banks by outstanding assets. Early regulatory approvals, a top-tier asset base in the zone, and recognition as a leading foreign bank have further strengthened its connectivity with India-based global wealth flows. Combined with a broadened suite of investment, lending and lifestyle solutions, the bank has delivered a coherent proposition tailored to India’s fast evolving private banking segment.
Best pure play/boutique private bank: Julius Baer
Julius Baer once again was recognised as India’s best pure play/boutique private bank. This win is supported by three key strengths that distinguish the bank’s approach within a competitive market landscape.
First, its position as the largest foreign boutique wealth manager in India reflects a business that has moved into a mature, scalable growth phase since starting its transformation journey in 2022. In 2025, the franchise has delivered consistent double-digit increases in assets under management and net new money, demonstrating both strong client confidence and an operating model capable of supporting continued expansion.
Second, the bank’s investment capabilities for ultra-high-net-worth clients remain a core distinguishing feature. Its portfolio management services rank among the country’s leading providers, while its role as the foremost mutual fund distributor for sophisticated investors highlights sustained demand for its expertise. Flagship India-focused equity strategies have grown substantially year-on-year, reinforcing its reputation for well-researched, high conviction products.
Third, the bank’s integrated onshore-offshore platform offers a breadth of service not matched by other international players. Seamless coverage across India and major global financial centres has supported steady cross-border client flows, illustrating the bank’s ability to serve internationally active Indian families.
Combined with a widening national footprint and ongoing digital enhancements, this model strengthens the bank’s standing as a trusted, boutique-style partner for both established and next-generation clients.
Best safest private bank: HDFC Bank
HDFC Bank’s recognition as the safest private bank in India is underpinned by three central areas of strength: its capital resilience, disciplined credit risk approach, and institutional commitment to robust risk foundations.
The bank’s capital position remains consistently strong, providing a stable base for its private-banking activities. Capital ratios improved from March 2025 to September 2025, with the capital to risk-weighted assets ratio rising from 19.6% to 20.0% and the CET1 ratio increasing from 17.2% to 17.5%. These levels reflect a cautious balance sheet stance and offer clients confidence in the bank’s long-term stability.
HDFC Bank is also able to demonstrate careful credit stewardship. Its credit loss ratio declined from an already moderate 0.48% in March 2025 to 0.20% by September 2025. This improvement highlights prudent client eligibility policies, ongoing monitoring of exposures, and structured governance around product selection and suitability.
Finally, the bank’s broader risk and continuity framework further reinforces its safety profile. Independent oversight, annual reviews of product approval processes, a comprehensive business continuity programme, and sustained efforts to strengthen risk culture – including regular training, cyber safety initiatives and public awareness programmes – ensure operational resilience and responsible conduct.
Best for premier banking: HDFC Bank
HDFC Bank secures this year’s title as India’s best for premier banking, supported by the bank’s steady progress across performance, product depth, digital capability and people development.
In terms of financial performance, the bank’s assets under management (AUM) rose to $6 billion in the first half of 2025, representing a 9% increase and signalling continued client confidence. The bank tracked roughly two‑thirds of its AUM centrally, enabling timely adjustments to client portfolios.
The expansion of products and solutions has contributed meaningfully to client engagement. For example, clients gained wider access to categories such as private credit and commercial real estate. The investment product suite increased to 31 offerings, supporting a 29% rise in alternate AUM to INR18,800 crore ($2 billion).
On the digital side, the bank strengthened its propositions through notable enhancements. For example, SmartWealth introduced a multilingual interface, a web portal and insurance options, improving accessibility and convenience. Beyond client‑facing tools, HDFC Bank consolidated its sales processes into a single customer relationship management system, RMPro, giving relationship managers a 360‑degree view of client relationships and streamlining workflows in a mobile‑first environment.
Finally, continued talent development, including role upgrades and performance‑linked rewards, further strengthened client servicing, contributing to the bank’s recognition as the best for premier banking in India in 2025.
Best for UHNW: Nuvama Private
This year’s award as India’s best for ultra-high-net-worth (UHNW) clients goes to Nuvama Private, thanks to its asset growth performance, broad offering and digital expertise.
Nuvama Private was able to demonstrate its sustained expansion and depth of coverage. By June 2025, Nuvama Private managed $55 billion in assets, a marked rise from $2.5 billion in 2015, showcasing steady long-term progress. Its network extended to more than 40 cities across India, complemented by international reach through Dubai and Singapore, providing UHNW clients with diverse cross-border access.
Another aspect underpinning the win is the breadth of its offering, illustrated by the Infinity platform’s institutional-grade portfolio management. In 2025, Infinity secured a major mandate in south India, reflecting UHNW client trust. For example, following this mandate, complementary solutions were added to strengthen diversification and deepen the client relationship.
Nuvama’s digital progress also stands out. Proposal Builder and InsightAI improved advisory efficiency, with InsightAI alone reducing relationship manager analysis time by 80%. Tools such as automated portfolio intelligence enabled faster, insight-driven conversations that supported UHNW clients when they needed it.
Best for HNW: Sanctum Wealth
Sanctum Wealth has been chosen as India’s best for high-net-worth (HNW) clients in 2025. This recognition is driven by its consistent progress, strong capabilities, and a client-centred approach.
In terms of financial performance, the firm demonstrates stable financial expansion. By 2025, assets under management reached US$6.4 billion, marking 51% year-on-year growth, while revenues increased by 25%.
HNW client assets rose to US$4.4 billion, alongside US$1.5 billion in UHNW+ assets. These improvements highlight disciplined scaling rather than aggressive acquisition strategies, reinforced by deeper client engagement and multi-generational onboarding.
Sanctum provides a broad and integrated suite of investment and advisory solutions suited to the evolving needs of Indian HNW families. Its platform covers discretionary equity mandates, fixed income, private markets, international wealth solutions, structured products and multi-asset portfolios. Wealth planning remains a core strength, offering intergenerational transfer, governance and cross-border planning.
The firm’s relationship-centred model and advisory-first culture strengthen trust and client longevity. A growing relationship manager team supports a stable client ratio, ensuring continuity and tailored service.
Sanctum’s future readiness through its AI-led advisory tools, deeper private-market access and next-generation engagement, position the firm well for sustained relevance on the market.
Best for family office services: 360 ONE Wealth
360 One Wealth has been recognised as India’s best for family office services in 2025, driven by the firm’s ability to deliver comprehensive family solutions, multijurisdictional capabilities, and advanced digital tools to support this segment.
During the review period. the firm demonstrates consistent delivery of practical outcomes for complex promoter families. One example is a family office mandate of approximately ₹1,800 crore, where a 16.5% internal rate of return (IRR) was achieved against an 8.7% benchmark.
This was enabled through a full suite of services, including access to alternative investments, such as anchor secondary opportunities generating over 30% IRR, alongside non-banking financial companies lending, trustee support for more than 400 trusts, and capital markets execution through B&K.
Moreover, 360 One Wealth’s ability to support families across multiple jurisdictions enhances its relevance for Indian ultra-high-net-worth and non-resident Indian clients. Its licensed presence in Singapore (MAS), Dubai (DFSA) and Gift City (IFSCA), together with structures such as VCCs, UCITS and GIFT feeders, and its 2025 partnership with UBS, enables families to manage cross-border wealth and diversification more effectively.
Finally, the firm’s digital governance framework strengthens decision-making. Tools for consolidated reporting across financial, business and real estate holdings, mobile and WhatsApp servicing, and an automated tool for RMs to build portfolios on the fly (Altiore Proposal Tool) all help family investment committees operate with greater clarity.
Best for succession planning: 360 ONE Wealth
360 ONE Wealth earns this year’s award as India’s best for succession planning, supported by consistent financial growth and its ability to deliver complex, multi-jurisdictional solutions that few peers can match.
The firm has a proven record of managing ultra-complex, cross-border succession matters. Its mandates frequently cover India, the US and Singapore, requiring careful coordination of Passive Foreign Investment Company (PFIC) and Controlled Foreign Corporation (CFC) exposure. 360 ONE can navigate India’ s main legislation for cross-border capital flows – the Foreign Exchange Management Act (FEMA) – and the Indian tax concept POEM which determines a company’s Place of Effective Management, alongside requirements by national securities and exchange regulator SEBI.
As an example, the firm maintained uninterrupted trusteeship operations following two unexpected deaths within a family, ensuring compliant financial provisioning and restructuring across both Indian and US jurisdictions.
Its succession-planning approach has delivered measurable commercial impact. The firm’s assets under management increased from INR 338 crore in 2016 to INR 14,096 crore by June 2025, reflecting strong client adoption of its estate-planning strategy. In another example, addressing governance concerns ahead of an IPO enabled a smooth listing, after which the clients reinvested a substantial portion of the proceeds, demonstrating strong client retention and increased wallet share.
360 ONE’s governance-first methodology helps reduce conflict and protect business continuity. In one of their cases, the firm designed a master trust and subtrust structure for one of the families that provided autonomy to each of three daughters while ensuring unified oversight of listed company holdings, supported by SEBI review.
Best for next-gen: Burgundy Private (Axis Bank)
Axis Bank’s Burgundy Private is recognised as India’s best for next generation in 2025, thanks to the firm’s ability to grow in this segment through targeted offerings.
From a financial perspective, the franchise demonstrated consistent growth across key metrics. By the first half of 2025, assets under management had risen to US$2.6 billion, alongside an increase in net new money to US$0.69 billion, indicating sustained confidence from clients. With over 40% of Burgundy Private’s high- and ultra-high-net-worth families now led or co-managed by second-generation members, their needs are at the forefront of the bank’s offering.
Burgundy Private’s strategy is intentionally shaped around the needs of India’s future wealth custodians. Its three-pillar framework – education, engagement and empowerment – ensures that younger clients develop the knowledge and confidence required to take an active role in family wealth decisions. For example, the Siddhi digital platform offers real-time visibility and mobile-first portfolio management, aligning with the expectations of digitally fluent clients.
Burgundy Private has demonstrated practical impact through real client engagements. A notable case involves a young tech founder preparing for an IPO, where the bank coordinated investment planning, liquidity solutions and access to advisory services, showing its ability to support both personal and entrepreneurial ambitions cohesively.
Engagement is nurtured through daily activities and special events. Dedicated next-gen relationship managers speak younger clients’ language in a digital-led environment. Through the Burgundy Private Next initiative, the bank hosted more than 20 sessions in the review period, engaging more than 200 young inheritors and startup founders through talks on emerging markets, venture capital, and responsible investing. Burgundy Private’s Impact & Sustainability suite complements a well-rounded suite of products for the growing conviction-driven mindset of the next generation.
Best for client service: Centrum Wealth
Centrum Wealth secures this year’s award as India’s best for client service. The recognition reflects the firm’s ability to deliver operational excellence, drive digital innovation and strengthen customer empowerment.
In terms of operational excellence, the firm demonstrated consistent discipline throughout 2025, which remained central to client satisfaction. Average response times stayed below two hours, and more than 80% of queries were resolved within the same day, reducing delays and improving day-to-day interactions. Accuracy levels reached 99.9% with no critical errors, supporting confidence in routine processes. These efforts contributed to a client retention rate exceeding 92%, notably higher than the broader Indian market average of 75%-80%.
From a digital perspective, enhancements significantly improved the speed and reliability of client servicing. Processes that once took several days – such as unlisted equity trades, onboarding or NSE MF registration – were reduced to minutes. Moreover, more than 20 robotic process automations delivered efficiency gains of around 60%, minimising manual handling and creating faster, more predictable outcomes.
In terms of customer empowerment, WealthVerse 2.0 strengthened transparency and self-service capability. With more than 5,000 monthly logins and around 70% of routine transactions completed independently, clients gained greater control over their portfolios.
Best for discretionary portfolio management: 360 ONE Wealth
This year’s award as India’s best for discretionary portfolio management (DPM) goes to 360 One Wealth. This recognition is supported by the firm’s strong infrastructure, investment discipline and organisational scale.
As of June 2025, the DPM penetration rate reached 1.65% of the firm’s assets, accompanied by an estimated 21% year-on-year increase in DPM assets under management (AUM). This sits within the wider growth of the business, which recorded $46.67 billion in AUM in the first half of 2025, with discretionary assets contributing approximately $1.2 billion.
A key strength lies in the firm’s multi-asset offering, comprising “Aggressive”, “Balanced” and “Conservative” strategies. These mandates have delivered consistent results relative to benchmarks, supported by structured asset allocation, regular monitoring and transparent reporting. Examples include maintaining a large cap orientation during periods of stretched mid and small cap valuations and making timely global allocation shifts and adjustments to precious metals exposure.
Innovation has reinforced both accessibility and process efficiency. The Gift City CAT III Alternative Investment Funds expand foreign access to Indian markets, while tools such as the in-house Insights analytics platform enhance oversight and data driven decision-making.
These capabilities are supported by mature ESG and governance frameworks, with policies and oversight documented at board level and integrated into broader risk management practices.
Best for alternative investments: Ambit Global Private Client
This year’s award as India’s best for alternative investments goes to Ambit Global Private Client, supported by its clear and consistent set of strengths across performance, domestic relevance and disciplined innovation within India’s alternatives market in 2025.
The firm showed sustained performance and rising wallet share in alternatives. It recorded sizeable deployments across direct deals, supported by strong outcomes that included a verified multiple on invested capital and a consistently high internal rate of return. Alternatives now form a meaningful share of total assets, reflecting steady client commitment and ongoing fundraising momentum.
Ambit Global Private Client was also able to demonstrate disciplined risk management. Its internal rate of return (IRR) of +50% and more than 3x return on the multiple on invested capital (MoIC) is also defined by the strict filters it applies through proprietary frameworks such as METT (Market demand, Exit strategy, Technology, Team), which screen and exclude certain themes such as pre-revenue and unproven business models, real-money gaming or high-cash-burn growth businesses.
Finally, Ambit Global Private Client added strength through product innovation. Its infrastructure-linked portfolio management services, the first in India focused on InvITs and REITs, delivered steady double-digit returns since early 2025 and underscored its commitment to long-term, sustainability-aligned investment themes.
Best for funds: Aditya Birla Capital
Aditya Birla Capital has been recognised as India’s best for funds in 2025, a result supported by several consistent performance indicators.
The firm’s strong position in traditional products has been central to its momentum. With 83% of assets in mutual funds and fixed deposits or bonds, the business continues to align with India’s core fund market rather than narrower alternative segments.
Rising wallet share, demonstrated by mutual fund growth of around 10% year-on-year and fixed deposits or bonds increasing by roughly 12%, further illustrates effective cross-selling and a well-balanced product mix.
The firm’s ability to gather net new assets has been clear throughout the review period. Net sales highlight steady new client inflows, while a coverage model of 64 relationship managers helps preserve the quality of engagement as the business scales.
Risk-adjusted results have been a notable element of performance. Model portfolios outperformed their blended benchmarks by approximately 150 basis points on average, supported by stronger Sharpe ratios. In addition, the “core list” of equity, debt and hybrid funds has exceeded category medians over one year.
House views have translated into tangible outcomes, including a documented silver overweight.
Best for digital solutions: Spark Capital Private Wealth Management
During the review period, Spark Capital Private Wealth Management (PWM) delivered a digital ecosystem that elevated its speed‑to‑service, analytical depth and national scalability, positioning the firm as India’s undisputed leader in digital solutions in the private banking industry.
At the core of this leadership was a fully integrated, four‑pillar digital architecture engineered for high‑performance delivery. The firm’s Aadhaar‑enabled, artificial intelligence (AI)‑verified onboarding achieves a sub‑10‑minute, paperless experience – compressing a traditional five‑day workflow into a regulatory‑compliant gateway that has accelerated nationwide client acquisition. This operational breakthrough directly enabled Spark Capital PWM’s expansion across 12 Indian cities and Dubai without proportionate cost escalation.
Complementing this is a mobile‑first wealth interface offering sub‑second trade execution, 50-plus technical indicators, encrypted communication and customisable dashboards, ensuring elite‑level functionality on any device.
Finally, the introduction hyper‑personalisation at scale during the review period has produced a double-digit uplift in engagement and product adoption, while automation has reduced servicing costs by more than two thirds and slashed error rates by half.
These initiatives demonstrate that Spark Capital PWM’s digital excellence can be both a competitive moat and a national‑scale growth engine, making it the definitive choice for India’s best for digital solutions.
Best for equities: Motilal Oswal Private Wealth
Motilal Oswal Private Wealth has been recognised as India’s best for equities in 2025, supported by the following factors.
Firstly, the firm has demonstrated consistent growth in both assets and client engagement. Assets under management (AUM) rose from $12.5 billion to $16.5 billion during the review period, supported by $1.4 billion in net new money. This momentum reflects sustained client confidence and disciplined portfolio construction.
The effectiveness of the firm’s research-led approach is evident in the performance of the Delphi Alpha Edge Portfolio Management Service. The model portfolio generated a return of 14.93% over five months, compared with 6.50% for the NSE 500 Tri.
This outperformance is underpinned by a structured investment process incorporating fundamental analysis, volatility filters and risk-reward measurement. Examples such as Gabriel India (+68%), and GMDC (+64%) illustrate the practical outcomes of their thematic and stock-specific research.
Finally, it is the firm’s ability to provide timely strategic guidance. Publications such as the Alpha Strategist offered measured recommendations during periods of market uncertainty, including the “carpe diem” advisory during the March 2025 correction.
Best chief investment office: Ambit Global Private Client
Ambit Global Private Client has been recognised as India’s best for chief investment office (CIO) in 2025. This recognition is supported by its ability to demonstrate sound market judgement, provide well-timed thematic positioning in precious metals, and demonstrate deep access to private opportunities.
The team’s ability to read turning points has been central to its approach. Ambit adopted a more cautious stance in October 2024, trimming exposure to mid and small cap equities shortly before markets peaked after a prolonged rally. Equally, its decision to turn constructive in mid-March 2025, with broader sentiment remaining subdued, allowed clients to re-enter equities at appealing valuations. These measured allocation shifts contributed to both capital protection and portfolio resilience.
The CIO’s early emphasis on gold and silver provided an important source of return. Gold was progressively increased from March 2024 onwards, generating more than 85% returns since the initial allocation. Silver, introduced tactically in April 2024, delivered returns of around 74% over the following year, well ahead of many traditional assets.
Ambit’s direct-deal private markets platform has offered ultra-high-net-worth clients rare access to high-quality investments, producing notable long-term results with Deloitte-verified performance metrics.
Best independent wealth manager: 360 ONE Wealth
360 ONE Wealth has secured its position as India’s best independent wealth manager for 2025, supported by its solid financial performance, its developed digital ecosystem, and the strength of its talent base.
From a financial perspective, the firm reported a 23% year-on-year increase in annual recurring revenue assets under management (AUM) to INR2,46,828 crore, aided by net flows of INR25,974 crore. Client loyalty remains notable, with 82% of AUM attributed to families who have been with the firm for more than five years.
For instance, the successful integration of ET Money and B&K Securities contributed to expanding consolidated AUM to INR 2,87,317 crore in the first quarter of 2026, demonstrating both organic progress and acquisition-led growth.
On the digital front, the firm’s technology infrastructure has become a practical enabler of client engagement. Its centralised data architecture, alongside tools such as Lumos and Insights, provides consolidated reporting and actionable analytics across custodians – these features are particularly valuable for family offices seeking transparency, efficiency and improved governance.
Finally, 360 ONE’s talent strategy supports long-term continuity. The addition of more than 250 professionals, combined with senior banker retention rates of 90%-95%, has helped maintain consistency in client relationships.
Purposeful hiring, reflected in the strengthening of investment teams and enhanced broking and ECM capabilities, continues to meet the needs of clients requiring detailed, high-touch support.
Best independent wealth manager for alternative investments: Avendus Wealth Management
This year’s award as India’s best independent wealth manager for alternative investments has been secured by Avendus Wealth Management. This recognition is driven by three core pillars: financial outcomes, digital progression and the depth of its specialist team.
From a financial perspective, the firm has continued to channel substantial allocations into alternative investments, despite a modest decline in penetration from 24% in the first half of 2024 to 20% in the same period of 2025. This shift has been accompanied by a marked rise in net new assets, which increased to $226.61 million in in the first half of 2025 from $64.92 million at the end of 2024.
Avendus’ alternatives platforms have also demonstrated steady fundraising momentum across private equity, venture capital, structured credit and real estate, supported by notable track records such as multiples on invested capital of 5.0x, 7.4x and 4.7x, and internal rates of return (IRR) between 17% and 24%. For example, Sundaram Real Estate Fund and Ascertis Credit have delivered fully realised IRRs of 15%-18%.
The firm’s digital evolution has improved the way investors access and evaluate private market opportunities, including data-driven reviews and more transparent monitoring frameworks.
Finally, Avendus has a talent pool with over 30 years of collective alternatives experience across platforms, which has played a central role in sourcing, assessing and executing deals, ensuring consistency in risk-adjusted returns for clients.
