Swiss wealth manager Julius Baer Group Ltd. has appointed Kunal Sumaya as interim country head for India, effective Tuesday, May 5, 2026, following the departure of Umang Papneja, who has decided to leave the bank to pursue other opportunities. According to The Economic Times, Sumaya will replace Papneja, who will remain with Julius Baer through July 2026 to ensure a smooth transition. As per The Economic Times, Sumaya will continue in his existing role as head of global Non-Resident Indians (NRI), while expanding his mandate to oversee the India business onshore and drive engagement with the global Indian client base across the Middle East, Asia, Switzerland and the UK.
As reported by The Economic Times, Sumaya brings 17 years of experience with Julius Baer to his expanded role, having held multiple senior roles including team head and group head. His mandate will focus on driving growth of the firm's India business onshore, as well as across the global Indian client base spanning the Middle East, Asia, Switzerland and the UK. The appointment comes as Julius Baer continues to expand its presence in India, which the firm identifies as a key growth market. According to The Economic Times, Rahul Malhotra, head of region-emerging markets and member of the global wealth management committee, emphasized that "Our clients are global in how they live and invest. The appointment of Kunal as ad interim country head India, with his deep understanding of the global Indian client and the India corridor, ensures we can serve them with continuity and depth, whether they are onshore or anywhere across the globe."
According to The Economic Times, Papneja joined Julius Baer from IIFL Wealth Management, now known as 360 One WAM Ltd., where he had served as chief investment officer. He brought more than a decade of experience from his previous role at the local wealth management firm, as detailed in his LinkedIn profile. During his tenure as CEO for India, Papneja led a phase of business transformation, expanding the onshore footprint, strengthening product capabilities and building a senior leadership team that positioned the franchise for its next growth phase.
During Papneja's four-year tenure, Julius Baer achieved significant expansion in India. As reported by The Economic Times, the firm expanded to more than 13 onshore locations, including five new offices, while increasing relationship manager headcount by 30 per cent. The bank also scaled its product capabilities with the Equity India fund, doubling in size to $500 million and serving clients across 17 geographies. These achievements demonstrate the firm's commitment to building a robust onshore presence in India while serving the global Indian client base effectively. Notably, women now hold 50 per cent of leadership positions within the India franchise, reflecting the bank's commitment to diversity and inclusion.
According to The Economic Times, Julius Baer, headquartered in Zurich, reported assets under management of CHF 521 billion at end-2025 and operates across approximately 25 countries and 60 locations. The bank's India franchise, which is nearly 30 years old, has been a strategic growth market for the Swiss private bank. The firm's Equity India fund, launched in 2022, has demonstrated strong performance by doubling in assets under management to $500 million, positioning it well to serve clients across multiple geographies and continue the growth trajectory under Sumaya's leadership.
