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Neo Group, an independent wealth and asset management platforms, has appointed industry veteran Shajikumar Devakar to its senior leadership team, signaling an ambitious new phase of growth as it eyes global expansion and deeper domestic consolidation.
Devakar, who brings more than two decades of experience in private banking, joins as the CEO at Neo Wealth & Asset Management starting 14 May 2025.
With assets under management exceeding Rs 40,000 crore in wealth and Rs 11,500 crore in alternative assets, Neo Group is quickly emerging as a top contender in India’s evolving private wealth landscape. The firm’s differentiated, client-first approach has found resonance among ultra-high-net-worth individuals (UHNWIs), family offices, institutional investors, and promoters of listed and private companies.
Expanding operations in the U.S. and the Middle East
The new appointment comes as Neo prepares to expand its operations into the US and the Middle East, positioning itself as a global wealth management franchise anchored in Indian ambition and international execution.
Devakar joins Neo from 360 ONE Wealth (formerly IIFL Wealth), where he served as Executive Director and Managing Director, leading the South India business and international operations in the Middle East. Prior to that, he held senior leadership roles at Barclays Wealth and Deutsche Bank, managing complex portfolios and leading large teams focused on UHNW clients across geographies.
“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,” Devakar said at a closed-door gathering of institutional partners, family offices, and global collaborators.
“It brings together decades of wealth and asset management experience, enhanced by superior investing capabilities, disruptive technology, and the best team in the business.”
Senior leadership
The appointment of Devakar marks a strategic milestone in Neo’s bid to build a future-facing wealth platform rooted in performance, trust, and deep domain expertise. The group already boasts a senior management bench of over 40 industry leaders—many of whom have led multi-billion-dollar businesses—and a team of more than 600 professionals offering sophisticated wealth solutions to India’s most discerning clients.
Backed by marquee global investors including Peak XV Partners (formerly Sequoia India), Japan’s Mitsubishi UFJ Financial Group, and Euclidean Capital LLC, Neo’s model combines deep knowledge-centricity with institutional-grade governance and scale.
“Shaji’s addition is emblematic of our commitment to building not just a large business, but a meaningful one—defined by outcomes, trust, and the ability to serve across cycles and geographies,” said a Neo Group spokesperson.
“He joins an elite team that is reimagining private wealth with precision, performance, and purpose.”
Neo’s expansion comes at a time when India’s private wealth ecosystem is undergoing seismic transformation. According to recent estimates, the country’s HNI and UHNI population is set to grow at a 12% CAGR through 2030, with investable surplus projected to exceed $2.3 trillion.
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