Julius Baer Appoints Interim India Head Following Departure of Umang Papneja

Julius Baer India Announces CEO Exit, Names Ad Interim Country Head

Julius Baer India has announced the departure of its CEO, Umang Papneja, with Kunal Sumaya stepping in as ad interim Country Head. Papneja will remain with the bank until July 2026 to ensure a smooth transition, according to a statement released by the firm on Tuesday.

The move marks the latest in a series of executive exits at Julius Baer India, with several of these executives expected to join Veriqus Partners, a wealth management and advisory platform led by former Julius Baer India CEO, Ashish Gumashta, and fund manager Roshi Jain. Papneja's next move remains unclear, with no further information available at this time.

During his tenure, Papneja oversaw a period of expansion for the India business, during which the bank strengthened its onshore presence, expanded product capabilities, and built out its senior team. As a result, Julius Baer India has grown its domestic footprint to over a dozen locations in recent years, alongside scaling up its relationship management team.

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Sumaya, who previously handled the role of Julius Baer's global non-resident Indian (NRI) business head, will now take on the additional responsibility of leading the India franchise. This move is aimed at ensuring continuity for clients, particularly across global Indian corridors spanning key markets such as the Middle East, Asia, Switzerland, and the UK.

Sumaya has spent nearly two decades at Julius Baer and has held multiple leadership roles across teams and geographies, including building out its global NRI business.

Rahul Malhotra, head of region emerging markets at Julius Baer, stated that Sumaya's appointment would help maintain continuity for globally mobile clients. He also thanked Papneja for his contributions to the India franchise.

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Gumashta, who stepped down from Julius Baer in August 2023, has co-founded Veriqus Partners, which is expected to offer wealth management and business advisory services. Jain, known for her strong track record and for taking over schemes previously managed by Prashant Jain at HDFC Mutual Fund, is understood to be leading the investment function. She exited HDFC Mutual Fund in December 2025 after four years of superlative performance.