Neo Wealth & Asset Management Significantly Deepens Senior Leadership – Hires Top Banker Aimed at Garnering Dominant Market Share Amid Booming Indian Wealth Market

Kolkata, May 10, 2025 — In a landmark announcement poised to reshape the contours of the country’s fast-growing wealth management sector, Neo Group today unveiled a strategic leadership addition that cements its aspiration to become the top wealth and asset management franchise in India. Expansion is planned across global business hubs, with operations shortly commencing in the US and the Middle East. Neo’s innovative and disruptive business models have already begun to transform the wealth management industry landscape by prioritising client outcomes and empowering relationship managers.Neo Group manages over ₹40,000 crore of Wealth and ₹11,500 crore in Alternatives Asset Management AUM—placing it among the fastest-growing independent wealth and asset management platforms in Asia. It serves an elite client base spanning ultra-wealthy families, entrepreneurs/founders/promoters of listed and private companies, and institutional investors, including sovereign wealth funds, pension funds, and endowments.Mr. Shajikumar Devakar, a veteran in the private banking and wealth management industry, joins Neo Wealth & Asset Management with over 25 years of distinguished leadership experience. Prior to this appointment, Shaji served as Executive Director and Managing Director at 360 ONE Wealth, where he led the South India business and oversaw the firm’s international operations in the Middle East, managing a substantial platform of senior private bankers and marquee client relationships. His career spans leadership roles at several of the world’s top-tier wealth management institutions, including Barclays Wealth and Deutsche Wealth Management, where he played a pivotal role in scaling high-performing teams and delivering exceptional outcomes for ultra-high- net-worth clients across geographies.Shaji’s addition to the already formidable leadership at Neo marks the group’s commitment to creating an unprecedented wealth management platform—one built on deep knowledge-centricity, superior performance, client trust and accountability, and institutional-grade delivery led by a team comprising the top bankers in the country. With this initiative, Neo Group has also firmly solidified its comprehensive geographic footprint across all major regions of India. Mr. Shaji will join Neo on 14th May 2025.Speaking to an exclusive gathering of institutional partners, family office clients, and global collaborators, Shaji expressed his excitement at the opportunity to build India’s largest wealth management firm, with a differentiated, client-aligned culture backed by specialist offerings. Shaji said, “What excites me about Neo is not just its growth but its clarity of purpose—who it serves, what it solves, and how it delivers. As a comprehensive combination of decades of wealth and asset management experience, greatly enhanced by exceptional investing capabilities, disruptive technology, and the best team in the industry, Neo stands strong.”In the last few years, Neo Group has emerged as the Wealth & Asset Management platform of choice for clients and top industry talent alike. With an institutionalized senior management layer of more than 40 industry leaders—several of whom have built andNeo Group’s senior leadership expansion is happening against a broader backdrop of exponential growth in India’s wealth and asset management industry. According to recent industry data, India’s HNI and UHNI population is expected to grow at a CAGR of approximately 12% through 2030, with investable surplus assets projected to cross USD 2.3 trillion. Concurrently, global institutions are sharpening their focus on India as both a destination for returns and a source of capital. Neo is uniquely positioned at this intersection—backed by deep client trust, institutional capital, the best industry teams, and a clear technology edge.

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