Karvy sees Rs 6 lakh-cr wealth transfer to second generation
Second generation promoters are from those who incorporated their business between 1970 and 1989.
By PTI |
MUMBAI: Leading wealth manager, Karvy Private Wealth-Family Office Practice, estimates that nearly Rs 6-lakh crore worth wealth will be transferred to the second generation entrepreneurs in India over the next few years.
"We estimate that around Rs 6 lakh crore worth of wealth is in the process of being transferred in the coming few years (to second generation entrepreneurs)," Karvy Private Wealth's Chief Executive Officer, Hrishikesh Parandekar told reporters here.
Second generation promoters are from those who incorporated their business between 1970 and 1989.
Karvy has identified around 267 listed companies, where significant private promoter wealth will go under transition over the next few years, he said.
The firm, which has a dedicated division for managing the family wealth of its business family clients, aims to grow as one of the top players in the segment in the next 3-5 years, Parandekar said.
Families, which have a combined networth of a minimum of Rs 100-crore can avail the service of Karvy, which will set up a family office that will provide end-to-end solutions on the asset-side.
Apart from wealth management, Karvy will also facilitate services including legal services, accounting, tax advice amongst others.
Moving ahead, Karvy Private Wealth would focus more on increasing its fee-income from the advisory business, he said.
According to Karvy's estimates, the total private promoter wealth in India is at Rs 14.10 lakh crore, while around 630 listed companies, having only Indian promoters, have promoter wealth greater than Rs 100 crore, he said.
"Most of the wealth is headquartered in Mumbai (37.6 per cent of the total) and New Delhi (11.6 per cent) followed by other centres," he said.
Karvy, which started its family wealth management business early this year, has a dedicated team of four top executives to run the business.
"We estimate that around Rs 6 lakh crore worth of wealth is in the process of being transferred in the coming few years (to second generation entrepreneurs)," Karvy Private Wealth's Chief Executive Officer, Hrishikesh Parandekar told reporters here.
Second generation promoters are from those who incorporated their business between 1970 and 1989.
Karvy has identified around 267 listed companies, where significant private promoter wealth will go under transition over the next few years, he said.
The firm, which has a dedicated division for managing the family wealth of its business family clients, aims to grow as one of the top players in the segment in the next 3-5 years, Parandekar said.
Families, which have a combined networth of a minimum of Rs 100-crore can avail the service of Karvy, which will set up a family office that will provide end-to-end solutions on the asset-side.
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Apart from wealth management, Karvy will also facilitate services including legal services, accounting, tax advice amongst others.
Moving ahead, Karvy Private Wealth would focus more on increasing its fee-income from the advisory business, he said.
According to Karvy's estimates, the total private promoter wealth in India is at Rs 14.10 lakh crore, while around 630 listed companies, having only Indian promoters, have promoter wealth greater than Rs 100 crore, he said.
"Most of the wealth is headquartered in Mumbai (37.6 per cent of the total) and New Delhi (11.6 per cent) followed by other centres," he said.
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Karvy, which started its family wealth management business early this year, has a dedicated team of four top executives to run the business.
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