LGT Wealth India plans to ramp up headcount as it seeks to double the amount of money it manages for clients by helping them cut their reliance on domestic assets.

Atul Singh, who last year helped establish the Indian operations in con- junction with Liechtenstein royal family-backed LGT, wants assets under management to reach $3 billion by the end of next year. Recent law changes that now permit wealthy people to make investments abroad through limited liability partnerships are allowing LGT to give customers more choice, he said in an interview. “The demand in India is not a problem. Itis the supply of a quality product,” said Singh, LGT Wealth India chief executive.

LGT is among a slew of players from Barclays Plc to Julius Baer Group Ltd. and HSBC Holdings Plc all jostling for market share as India’s wealth boom creates an increasingly competitive landscape. Julius Baer has pegged India’s wealth industry at $600 billion with an annual growth rate of 12%.

Singh says many rich families keep most of their wealth in local assets, and LGT Wealth India is trying to change this by helping them spread their risk.

“Indian families need more global advice,” he said. “The basic principle of riskmanagement is ruthless diversification.”