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June 30, 2008

The business of wealth management

As part of its cover story on India's super rich, Businessworld has an article on how the business of wealth management in India is getting increasingly sophisticated.
It is still rather boutique in nature, but is getting bigger by the day: the business of banking for the wealthy. New age and top-line multinational banks are wooing India’s nouveau-rich with private banking services, a suite that covers onshore and offshore investment advisory, trust services, and real estate and portfolio management. It’s about helping these essentially simple people on what to do with their money; about the when, where and how of going about it.

...More commitment may also entail putting your money where your mouth is, often in what is called co-investment deals. Citi Private Bank, for instance, invests its own capital alongside the client’s investment. “Such co-investments could be in the form of a private equity deal, a hedge fund, a structured investment opportunity in real estate or something much more sophisticated,” says Chadha.

He gives the examples of Citigroup Property Investors Capital Partners Asia Pacific, a $800-million fund that provides its clients access to real estate investment opportunities across Asia; And of Capital and Real Estate Development Fund, a $400-million fund aimed at those looking for real estate investment opportunities in China.

Arun Natarajan is the Founder & CEO of Venture Intelligence, the leading provider of information and networking services to the private equity and venture capital ecosystem in India. View free samples of Venture Intelligence newsletters and reports.