It is widely known that China’s wealth management industry has two faces: one looking out (the offshore part) and one gazing in (the onshore part). Fewer realise India, and indeed the broader subcontinent – a region full of large, fast-growing developing economies with strict capital controls – works in much the same way.
On one side, there is a profitable and growing onshore wealth-management business that domestic players and international private banks tussle over.
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