Micky Jagtiani, an Indian businessman who owns the Dubai-based Landmark retail-stores group, has reportedly tapped JM Financial senior executive Sameer Lumba to launch a family office.
The yet-to-be named family office will manage assets estimated at US$5 billion, The Economic Times has reported.
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Based in Dubai, Lumba will manage the Jagtiani family portfolio across asset classes globally.
According to the publication, JM Financial has hired former JPMorgan executive Manish Prasad to succeed Lumba.
Micky Jagtiani has built a diversified retail and leisure empire spanning from Dubai to China. His Landmark owns retail chains like Lifestyle, Splash and Max, besides a bouquet of F&B outlets and budget hotel Citymax.
Privately-held Landmark operates over 1,500 stores in 20 countries. Its Indian revenue is expected to cross a billion dollar this fiscal.
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By GlobalData
