Jefferies Financial Group Inc is gearing up to enter India’s $900 billion asset-management industry, according to people familiar with the matter, joining a growing list of global financial giants seeking to tap one of the world’s fastest-growing major economies.

The New York-based firm has signed up Milind Barve, former head of HDFC Asset Management Co, as an adviser to shape its strategy and steer regulatory approvals, the people said, asking not to be identified as the information is private.

India’s mutual fund industry has seen explosive growth since the pandemic as households once wedded to gold and real estate embrace financial assets. Total assets have more than doubled during the past five years, with inflows through monthly recurring equity plans averaging about $3 billion sinc

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