Published on 11 January 2018
The family of Uday Kotak – the managing director of Mumbai-based Kotak Mahindra Bank, whose US$10.3 billion net worth makes him India’s eighth richest person and Asia’s wealthiest banker – announced plans to set up a family office to invest in a range of assets including global stocks, private equity, and real estate, according to Bloomberg.
Venkat Subramanian, who will manage the family office, said that, “The funds will be deployed in asset classes other than debt and cryptocurrencies. We will also stay clear of any investment opportunities that will bring us in direct competition with the bank.”
Subramanian went on to explain the family office’s rationale for steering clear of digital currency investments: “While the concept of cryptocurrency is alluring, as its value cannot be influenced by any government, the family office will not look at investing in it.”
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