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Family Offices: Preserving Wealth
Fortune India
|September 2022
Business houses and wealthy individuals are increasingly taking to family offices to preserve and grow their fortunes.

A WELL-KNOWN businessman in his 30s exited a technology business at the peak of the tech bubble in 2000 with about ₹400 crore post-tax wealth. Instead of going with one professional to manage his wealth, he hired 10 investment bankers and told them he would invest more funds with those who would give fresh investment opportunities and meet him frequently. He promised to increase the share of those with highest returns. Himanshu Kohli was one such banker representing a foreign investment bank. “The client’s multibanker approach backfired when the tech bubble burst. Daily/weekly meetings turned monthly. Later, every banker disappeared, but to some extent, the client was at fault too. He should have taken a holistic approach,” says Kohli. The incident stayed with Kohli, who later established Client Associates, a multi-family office to help business families manage their wealth in a holistic manner.
On the other side of the spectrum is the Patni family. Long before they sold Patni Computer in 2011 in a $1.2 billion deal, they had the foresight to separate business wealth from family wealth and set up a family office, RAAY Global Investments, in 2002. “We hired a CIO and a team under him to put in place a proper system along with back-office support. The idea was to have a self-owned single entity to take care of all aspects from investments, trusts, tax planning and estate planning to philanthropy. We also launched VC funds to anchor investments in other businesses,” says Amit Patni, director, RAAY Global Investments.
Denne historien er fra September 2022-utgaven av Fortune India.
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