During our research, we observed that emerging cities and small towns continue to form a significant part of the Indian ultra-HNH population. We found that besides the top-four metro cities, non-metro cities such as Bengaluru, Ahmedabad, Pune, Hyderabad, Nagpur, and Ludhiana contribute 45% to the Indian ultra-HNI population.
The current report is a culmination of insights from three main sources that are listed below:
1. A detailed market survey of 225 ultra HNIs by Feedback Consulting. The survey took place between January 2016 and March 2016 in the form of face-to-face interviews. These interviews were conducted over 12 cities to understand the lifestyle of ultra HNIs in India and changes over the previous year.
2. A series of interviews were conducted with ultra HNIs to understand their patterns and preferences in art and paintings, collectibles, succession planning, renewable energy, and impact investments. In addition, their spending patterns in apparel and accessories and preferences in wearable devices were also studied.
3. Secondary research and additional analysis by EY.
EY extensively analysed the results of the survey and validated its conclusions from primary sources including service providers.
The Kotak Mahindra Group has come a long way since its early days and now caters to diverse financial needs of both individuals and the corporate sector, nationally as well as internationally. The group offers the understanding, the experience, the infrastructure, and most importantly, the commitment to deliver pragmatic end-to-end solutions that truly work.
Kotak's evolution is a tale of steadfastness and adaptation the company has consistently pursued opportunities and capitalised on them despite a rapidly changing economic and business landscape.
In the early period of Kotak's journey, one particular day stands out 21st November 1985. On that day, Mr. Uday Kotak identified an opportunity in the bill-discounting market. With a seed capital of less than US$80,000 borrowed from family and friends, and a small team of three that has grown to over 40,000 today. He skilfully steered what was initially a bill-discounting startup into a giant financial services conglomerate with assets of US$19 billion.
In February 2003, Kotak Mahindra Finance, the group's flagship company, became India's first non-banking finance company to receive a banking license from the Reserve Bank of India. This was the foundation of Kotak Mahindra Bank Ltd. (KMBL). Kotak Group's solutions are technology driven, contemporary, and comprehensive. They span consumer, commercial, corporate, and investment banking, wealth management, retail and institutional equities, asset management and life insurance. The bank is channelising its industry experience and capabilities to cater to its changing customer aspirations.
Effective April 1, 2015, ING Vysya Bank Ltd. merged with Kotak Mahindra Bank Ltd. creating a Rs.2 trillion institution (consolidated). As on March 31, 2016, the merged entity - Kotak Mahindra Bank Ltd, has a significant national footprint of 1,333 branches and 2,032 ATMs spread across 674 locations, affording it the capacity and means to serve its customers even better.About Kotak Wealth Management
Kotak Wealth Management is Kotak Mahindra Bank's private banking arm and provides financial advice to some of the most distinguished high-networth families in the country. It is one of the oldest and the most respected wealth managers in India with over 16 years of experience. Its client base ranges from entrepreneurs to business families and employed professionals, including over 40% of India’s top-100 families (as per the Forbes India Rich List, 2015). We believe that no single asset class tends to perform consistently over a long period and that an HNI needs to have access to various asset classes, investment styles, themes, and tenures.
With this philosophy, Kotak has built a formidable suite of products and services for this specific audience.
Our offerings are customised for the client's profile and investment objectives. With an in-depth understanding of the client's requirements and of various asset classes, Kotak offers the widest range of financial solutions through a transaction-based investment approach or the asset-advisory approach. Our truly bespoke banking solutions also include one of the most premium credit card propositions offered, by invitation, to eminent clients.
We also offer Family Office Services to ultrahigh-networth investors, providing comprehensive financial solutions that go beyond investments. Through ‘Kotak Mahindra Trusteeship Services’ we offer estate-planning services that deal with succession planning by creating private family trusts.
We have maintained our leadership position due to our in-depth understanding of the client's requirements and the macro environment, and our prowess over various asset classes.
Kotak Wealth Management has been adjudged the Best Private Bank India for the 7th year in a row, by FinanceAsia Country Awards 2015.