Mumbai: Kotak Mahindra Bank expects its wealth management arm to grow at 25% in FY12, a top official said on Tuesday.
“We are very bullish on the wealth management business given the macros are clearly in a good shape and we (India) will grow at a 7.5-8%,” said C. Jayaram, executive director of Kotak Mahindra Bank and head of the wealth management business.
India’s economy grew at its slowest annual pace in five quarters in January to March as rising interest rates crimped consumption and investment, suggesting the central bank could temper the pace of further tightening to tackle stubbornly high inflation.
Kotak Wealth’s asset under management currently stood at $3.4 billion (Rs 15000 crore), Jayaram said.
Kotak Wealth Management provides financial advice and manages wealth for high-networth individuals.
Wealth management firms in India generally do not disclose their assets but industry players say Merrill Lynch, Kotak Mahindra Bank, Deutsche Bank , HSBC , Standard Chartered and BNP Paribas are among the top wealth managers in India.