Neo Wealth Management appoints Shajikumar Devakar as Co-Founder and CEO

The private wealth management platform Neo Group has made a daring and ambitious move by adding Shajikumar Devakar to its executive panel, indicating its intention to expand both its domestic and international activities. With over two decades of prestigious private banking expertise, Devakar has held important leadership positions at Deutsche Wealth Management, Barclays Wealth, and 360 ONE Wealth. His deep understanding of ultra-high-net-worth clientele, strategic acumen, and proven track record in scaling wealth platforms make him a game-changing addition.

Devakar supervised South India operations and managed global projects in the Middle East as Executive Director at 360 ONE Wealth before joining Neo Group. His role involved managing a high-performing team of senior private bankers and nurturing marquee client relationships, showcasing his leadership and deep market insight. The new strategic appointment brings significant value to Neo Group, enhancing its credibility and competitive edge. With Devakar’s extensive experience and global exposure, the company is well-positioned to accelerate its ambitious plans for expansion and consolidation, while attracting top-tier clients, seasoned talent, and institutional partnerships in key markets.

With more than ₹40,000 crore in assets under management, including ₹11,500 crore in alternative investments, Neo Group is a powerful player in India’s quickly changing private wealth market. Its client-first philosophy has struck a chord with ultra-high-net-worth individuals (UHNWIs), family offices, institutional investors, and promoters of both listed and private enterprises. Supported by an institutionalized leadership team of 40 seasoned professionals, many of whom have built and scaled multi-billion-dollar businesses, the firm combines deep expertise with strategic vision. With a robust team of 600 high-calibre professionals, Neo Group is poised for sustained growth and leadership in the competitive wealth management sector.

The strategic appointment of Devakar is in line with Neo Group’s aggressive intentions to grow its business in the US and the Middle East and establish itself as a preeminent international wealth management company with roots in Indian values and aspirations for the future. At a recent gathering of institutional partners, family offices, and global collaborators, Devakar shared his enthusiasm not just for the company’s impressive growth trajectory but also for its mission, clientele, and delivery model. Neo Group’s strength lies in its fusion of decades of wealth and asset management expertise, robust investment capabilities, and disruptive technology, all powered by a dedicated, high-performance team.

Devkar’s entry into Neo Group’s senior management marks a pivotal milestone in its journey to build a future-ready wealth platform anchored in performance, trust, and domain excellence. Backed by marquee global investors such as Peak XV Partners, Mitsubishi UFJ Financial Group (MUFG), and Euclidean Capital LLC, the company is focused on scaling meaningfully, not just massively. A group spokesperson emphasized that Devkar’s appointment reflects this deeper vision. His arrival comes at a critical juncture, as India’s private wealth ecosystem undergoes a seismic shift: Its HNI and UHNI population is projected to grow at a 12% CAGR, with investable surplus surpassing $2.3 trillion by 2030.