Kotak Group’s private wealth management arm aims to increase
assets under management (AuM) in its Indian onshore business by
20-25% by March 2012.
C Jayaram, Kotak’s executive
director in charge of private wealth management, said AuM currently
sits at about INR16,000 crores ($3.6bn). Asset growth is expected
to be split 50:50 between its existing client base and new client
assets.
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This growth is in part powered by
India’s swelling high net worth (HNW) and ultra HNW population.
The 2011 Capgemini/Merrill
Lynch World Wealth Report said India now has the
twelfth-largest HNWI population (153,000) in the world.
Kotak provides a full service
private banking service, including a wide product range spanning
equity, fixed income, real estate and commodities, estate planning
business, and lines of credit, against investment and real
estate.
India’s lack of skilled private
bankers is Kotak’s chief challenge, Jayaram said.
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By GlobalData“There are not that many
experienced private bankers in the Indian space,” he said.
“You have a lot of young guys but in terms of people who have
done 7 to 10 years’ experience there are not many.”
