Kotak combines alternate funds, advisory into $18 billion asset management business
Billionaire banker Uday Kotak's eponymous group will combine its alternate fund management and investment advisory businesses into an entity with $18 billion under management, it said on Thursday.
The entity, to be named Kotak Alternate Asset Managers (KAAM), will include $8.9 billion in alternate investment funds and the advisory business with $9.1 billion under management.
"This makes us the largest asset manager in India by a yard," Srini Sriniwasan, managing director of the newly created entity, told Reuters in an interview.
The entity is not looking to raise any external funds as it is adequately capitalised but sees growth opportunities in both the alternative investment and advisory businesses, Sriniwasan said.
KAAM currently has its largest investment funds in the real estate sector, with $3.4 billion in assets, followed by special situation funds which will hold a combined $2.6 billion and invest in stressed firms.
