Julius Baer has appointed Kunal Sumaya as ad interim country head India, following the departure of Umang Papneja, who has decided to leave the Swiss wealth manager to pursue other opportunities.

Sumaya will continue to serve in his current role as head of global non-resident Indians (NRI), the company said in a statement. Papneja will remain with Julius Baer through July 2026 to ensure a smooth transition.

Sumaya to oversee India and global Indian clients

Sumaya has been global head of NRI Coverage at Julius Baer since 2022. In his expanded role, he will be responsible for driving the growth of the bank’s India business onshore, as well as its global Indian client base across the Middle East, Asia, Switzerland and the United Kingdom.

He has spent 17 years with Julius Baer and has held senior roles including Team Head and Group Head. The bank said he has played a key role in shaping its global NRI business.

India remains a growth market

Julius Baer said India is one of its strategic growth markets and that its franchise in the country is built on a 30-year legacy. Over the past four years, the bank has expanded its onshore footprint to more than 13 locations, including five new offices.

The company said strategic hiring has supported this expansion, with relationship manager headcount rising 30%. Women now represent 50% of leadership positions within the India business.

The bank also said its Equity India fund, launched in 2022, has doubled in size to $500 million and now serves clients across 17 geographies.

Papneja exits after India business transformation

Papneja’s departure comes after a period of expansion for Julius Baer India. The bank said that during his tenure as chief executive officer for India, he led a business transformation that expanded the onshore footprint, deepened product capabilities and built a team positioned for the next phase of growth.

Rahul Malhotra, head of region emerging markets and member of the global wealth management committee, said Sumaya’s appointment would help maintain continuity for clients.

“Our clients are global in how they live and invest. The appointment of Kunal as ad interim Country Head India, with his deep understanding of the global Indian client and the India corridor, ensures we can serve them with continuity and depth, whether they are onshore or anywhere across the globe,” Malhotra said.

Malhotra added that India is an important growth market for Julius Baer and thanked Papneja for his leadership and contributions to the growth of the India franchise.