Neo Wealth & Asset Management, part of Neo Group, has hired industry veteran Shajikumar Devakar to strengthen its leadership team as it eyes a dominant position in India’s booming wealth management market and expands into global hubs.
Devakar, who has over 25 years of experience in private banking and wealth management, will join Neo on May 14, 2025. He previously held senior roles at 360 ONE Wealth (formerly IIFL Wealth), where he served as Executive Director and Managing Director, leading the South India business and international operations in the Middle East. His career also includes leadership positions at Barclays Wealth and Deutsche Wealth Management.
Neo Wealth & Asset Management manages over ₹40,000 crore ($4.8 billion) in wealth assets and ₹11,500 crore ($1.4 billion) in alternatives asset management AUM, making it one of the fastest-growing independent platforms in Asia. The firm caters to ultra-high-net-worth individuals, business promoters, family offices, and institutional investors, including sovereign wealth funds, pension funds, and endowments.
The company plans to expand operations to the United States and the Middle East, strengthening its global presence while consolidating its domestic footprint across India.
“Neo’s clarity of purpose—who it serves, what it solves, and how it delivers—sets it apart. The opportunity to build India’s largest wealth management firm with a differentiated, client-aligned culture is exciting,” Devakar said at a client and partner gathering.
Neo Group’s strategy focuses on knowledge-centric advisory, client-aligned outcomes, and technology-driven solutions. The firm has built an institutionalised senior management team of over 40 industry leaders managing a 600-strong workforce of wealth professionals.
Backed by marquee investors such as Peak XV Partners (formerly Sequoia India), Japan’s Mitsubishi UFJ Financial Group, and Euclidean Capital LLC, Neo has emerged as a platform of choice for clients and industry talent alike.
The appointment of Devakar underscores Neo’s ambition to scale its wealth management business by attracting top-tier bankers and expanding its market share in a sector witnessing rapid growth driven by India’s rising affluent population.
Neo’s disruptive business model aims to challenge traditional players by prioritising client trust, accountability, and institutional-grade delivery.
