The Swiss money-management company, UBS is moving away from its strategy of outsourcing to setting up captive centers in India and hence plans to hire 3,000 people by the end of this calendar year.
Kirt Gardner, Group Chief Financial Officer at UBS was quoted in media saying, “India is a significant part of our talent and technology strategy. We are setting up more captive centers here with the addition of a new one in Pune.” He further said that UBS would double headcount in India to 3,000 people by the end of this calendar year.
The bank, which administers more than $2 trillion of assets for wealthy individuals and families, said it was noticing key trends that included wealthy Indians broadening investments globally, showing interest in buying blockchain companies and becoming conscious about sustainability and philanthropy.
Currently, most captives of multinational companies are expanding their base in the country. Gardner shared, "We are impressed with the ease of doing business in India in the past three years and consider this to be a strategic market for us."
Setting up captive centers in India can be seen as an opportunity to improve the employment in the country. According to a report published by NASSCOM last year in December, Indian captives of International Businesses, global in-house centers (GICs), stepped up hiring of highly-skilled professionals in emerging technology areas. Additionally, consulting firms confirmed that GICs employs nearly 8,15,000 people. Nasscom’s strategic review (2017) claimed that at 8.2%, India GICs are growing faster than the overall industry.
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