Neo Group, one of India&rsquo;s prominent independent wealth and asset management platforms, has appointed industry veteran Shajikumar Devakar as Chief Executive Officer of Neo Wealth &amp; Asset Management, effective May 14, 2025. This strategic move marks a significant step in the company&rsquo;s vision to deepen its domestic footprint and expand globally, particularly in the United States and the Middle East.
Devakar brings over two decades of experience in private banking, having previously served as Executive Director and Managing Director at 360 ONE Wealth (formerly IIFL Wealth). He also held senior leadership roles at Barclays Wealth and Deutsche Bank, managing ultra-high-net-worth (UHNW) client portfolios and leading teams across geographies.
Neo Group currently manages over ₹40,000 crore in wealth and ₹11,500 crore in alternative assets. Its client-first approach has attracted UHNWIs, family offices, institutional investors, and business promoters, positioning the firm as a rising leader in India's dynamic private wealth sector.
Commenting on his new role, Devakar said, &ldquo;What excites me about Neo is not just its growth but its clarity of purpose&mdash;who it serves, what it solves, and how it delivers. It brings together decades of experience, powerful investing capabilities, disruptive tech, and the best team in the industry.&rdquo;
Neo Group&rsquo;s senior management includes over 40 industry leaders with experience managing multi-billion-dollar businesses, supported by a team of more than 600 professionals. The platform is backed by notable investors such as Peak XV Partners (formerly Sequoia India), Japan&rsquo;s Mitsubishi UFJ Financial Group, and Euclidean Capital LLC.
A Neo Group spokesperson noted, &ldquo;Shaji&rsquo;s addition reflects our commitment to building not just a large business, but a meaningful one&mdash;defined by performance, trust, and the ability to serve clients across market cycles and geographies.&rdquo;
The appointment comes at a time when India&rsquo;s private wealth sector is witnessing robust growth. Recent estimates suggest the country&rsquo;s HNI and UHNI population is set to grow at a 12% CAGR through 2030, with investable surplus expected to cross $2.3 trillion&mdash;creating ample opportunities for wealth platforms like Neo to lead and innovate in this rapidly evolving landscape.
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Source : Indian Startup News

Neo Group, one of India’s prominent independent wealth and asset management platforms, has appointed industry veteran Shajikumar Devakar as Chief Executive Officer of Neo Wealth & Asset Management, effective May 14, 2025

Neo Group Appoints Shajikumar Devakar as CEO to Spearhead Global Expansion and Domestic Growth