360 One’s Shaji Devakar to join Neo Wealth as co-founder & CEO

Amid a surge in activity across India’s wealth management industry, marked by rising investor interest and rapid platform expansion, Shaji Kumar Devakar has stepped down from his role as executive director – wealth at 360 One WAM. He will join Neo Wealth & Asset Management as co-founder and CEO, effective June, according to people familiar with the matter.

At 360 One, Shaji led the firm’s southern region and was also in charge of its wealth business in the Middle East. A private banking veteran with over two decades of experience at firms such as Deutsche Bank and Barclays, he played a key role in deepening the firm’s client base across key hubs including Bengaluru, Hyderabad, and Chennai.

The development follows the recent departure of Co-CEO Anirudha Taparia from 360 One, who is now exploring new ventures in partnership with private equity investors interested in building wealth platforms in India. The top-level transitions are reflective of a vibrant and expanding wealth ecosystem, with leadership talent being drawn toward both established players and emerging challengers.

Shaji’s appointment at Neo comes as the platform looks to accelerate its next phase of growth. Backed by Peak XV Partners, Neo Wealth & Asset Management currently manages between ₹35,000–40,000 crore in assets, with growing strength in fixed income strategies.

There is a growing demand for talent in the wealth management industry as India’s wealth generation cycle is on the ascend. As per the Fortune India–Waterfield Advisors study in 2024, for the first time, the combined wealth of the country’s dollar billionaires has exceeded the $1 trillion mark—a 50% surge over the past three years. The number of billionaires has also climbed from 142 in 2022 to 185 this year. Collectively, their wealth now represents 33.81% of India’s total nominal GDP, highlighting their increasing share in the country’s economic landscape.

360 One, formerly known as IIFL Wealth and backed by Bain Capital, continues to perform strongly across businesses. The firm manages assets under management of ₹5,79,222 crore, split between ₹2,47,999 crore in annual recurring revenue (ARR) AUM and ₹3,31,223 crore in transactional/brokerage AUM. Client acquisition remains strong, with over 60 clients onboarded by the firm in the second quarter of FY25 with over ₹10 crore in ARR AUM. The firm now serves 3,218 high-value clients, who contribute 94% of its wealth AUM (excluding custody), and manages relationships with over 7,500 relevant clients.

As India continues to witness robust wealth creation, the sector is expected to see further leadership movements in the months ahead. 360 One, for now, remains the numero uno Indian wealth management firm with a valuation of over $4.43 billion.