The entry—as well exits—of financial advisers and distributors is not new in India. But when Sanctum Wealth Management was launched around April 2016, it was a unique case. Royal Bank of Scotland had put its wealth management arm for sale and the team that used to manage RBS’s wealth management division, led by its chief Shiv Gupta, bought it out. RBS left India and Gupta acquired the license to launch Sanctum. Much of RBS Wealth Management’s staff, assets and clients moved to Sanctum. On 1 April, Sanctum turned one. Mint spoke to Gupta about his move.
What prompted you to start off with an existing set of customers rather than going after a fresh set, which you could perhaps filter to suit your own mindset?
