India’s third largest banking group Kotak Mahindra Group has combined its alternate fund management and investment advisory businesses to create the country’s largest asset manager, Kotak Alternate Asset Managers, Srini Sriniwasan, managing director of the merged entity, says in an interview with Reuters.
He says Kotak Alternative Asset Managers has US$18 billion of assets under management, with $9.1 billion from the investment advisory business and $8.9 billion from alternate fund management.
“This makes us the largest asset manager in India by a yard,” Sriniwasan is quoted as saying in the interview published on August 4. He says the newly minted asset manager is not looking to raise any external funds as it is “adequately capitalised”.
