Credit Suisse Crisis Sends Shivers Amongst Wealthy Indians

The Credit Suisse Group AG crisis is likely to make a dent on the way well-off Indians view international wealth managers, a firm backed by Liechtenstein's royal family said Tuesday.

Rajesh Cheruvu, chief investment officer and managing director at LGT Wealth India Private Ltd., said in the past 15 years or so, many multinational financial institutions have come and exited Indian markets and the latest incident was making wealthy investors nervous.

"This particular event once again reminds and recalls the past uncertainty in terms of their business strategies," Cheruvu told Bloomberg Television. "Investors primarily want stability of business operations of their wealth managers and wealth advisors."

This year, Citigroup Inc. exited its retail operations in India through a sale to Axis Bank, transferring all its wealth management business to the country's third-largest private sector lender.