Richest Asian banker plans family office but spurns crypto

Mumbai

THE FAMILY of Uday Kotak, billionaire managing director of Kotak Mahindra Bank Ltd, is setting up an office to invest in assets including private equity, stocks and real estate worldwide.

"The funds will be deployed in asset classes other than debt and cryptocurrencies," Venkat Subramanian, who will manage the family office, said in an interview in Mumbai last week. "We will also stay clear of any investment opportunities that will bring us in direct competition with the bank."

While Mr Subramanian didn't disclose a figure, Mr Kotak has about US$1.2 billion in cash and investable assets, according to the Bloomberg Billionaires Index. Most of the money was raised when he cut his stake in the bank to meet regulatory …