New Delhi, Aug. 14 -- Senior employees of large wealth management companies who walked out together to build something of their own are starting to show that the model can work. The entities they set up are now advising clients on assets worth more than Rs.1.38 trillion.

However, pressures associated with private equity funding and scaling up to add clients outside of their loyal customer base may still prove to be hurdles as they pursue sustainable profits, executives said.

Demand for wealth management services in India in terms of assets under management (AUM) will almost double to $2.3 trillion by FY29 from $1.1 trillion in FY24, according to a report from Deloitte. In India, the number of ultra-high net worth individuals, defined as...