In the dynamic landscape of India's wealth management industry, Manish Kathuria, Chief Business Officer at Kotak Neo, is steering the company towards a future where direct equity relationships evolve into comprehensive wealth management solutions. This shift is not merely about product diversification but a profound transformation in how wealth is advised, managed, and invested. As the industry navigates the financialization of savings, the formalization of wealth management, and the global aspirations of Indian families, Kotak Neo is at the forefront, adapting its strategies to meet the changing needs of its clients.
The Financialization of Savings and the Formalization of Wealth Management
One of the most striking trends in Indian wealth management is the financialization of savings. Traditionally, Indian investors have held substantial physical gold, but the exposure to gold exchange-traded funds (ETFs) has expanded sharply. By June 2026, average assets under management (AUM) in Indian gold ETFs reached approximately INR 1.76 trillion. This shift towards market-linked investments reflects a broader financialization of savings, where investors are increasingly seeking access to a wider range of asset classes.
This trend is accompanied by the formalization of wealth management itself. As wealth management becomes more organized and sophisticated, the industry is witnessing a broader range of products and services being offered to clients. Manish Kathuria sees this as a two-pronged structural force underpinning the development of Indian wealth management: the financialization of savings and the formalization of wealth management advice and management.
From Direct Equity to a Broader Wealth Relationship
Kotak Neo is responding to this evolving investor demand by deepening relationships that have traditionally been anchored in direct equity investing. The company operates through two distinct propositions: the Private Client Group (PCG), which caters to high-net-worth investors, and the Elite Client Group, designed to serve affluent clients across a broader geographic footprint. With a presence in over 100 cities, Kotak Neo has extended its wealth proposition well beyond India's traditional financial hubs, bringing sophisticated investment solutions closer to investors across the country.
Direct equities remain a core part of the Kotak Neo proposition, but they are increasingly complemented by managed investments and other wealth solutions designed around the client’s broader portfolio requirements. The aim is to deepen those relationships over time, using a wider investment toolkit rather than viewing individual products or transactions as the center of the proposition.
Open Architecture Backed by Kotak’s Own Capabilities
Product breadth does not, however, mean relying exclusively on proprietary solutions. Kotak Neo operates with an open-architecture philosophy, using research and product due diligence to select investment products across the market. Alongside that, sits the manufacturing capability of the wider Kotak Group, giving the business access to bespoke strategies. That includes discretionary portfolio management services and private-credit products, among other solutions.
Research is another strong pillar for the company and is provided by the Group’s Kotak Institutional Equities. The research arm of the firm covers more than 300 stocks, and its research is widely used by domestic and international institutional investors. Together, these capabilities allow Kotak Neo to combine direct-equity expertise with a broader set of investment solutions rather than treating the two as separate propositions.
Building Advisers Rather Than Simply Recycling Them
Expanding into wider wealth management services changes the skills required on the frontline. Kotak Neo is focused on reskilling employees with strong direct-equity capabilities, adding knowledge across managed investments and other wealth-management products. This is being complemented by selective hiring of experienced professionals and efforts to develop younger talent through graduate recruitment and external training partnerships.
Manish Kathuria contrasts this model with an industry in which experienced relationship managers and the AUM they oversee can frequently move between institutions. "There is a significant amount of recycling of talent and AUM in the industry," he says. "Our approach is to spend more time building talent, developing the right skills and giving people the training they need to do a good job for customers."
Technology as an Assisted Wealth Model
For clients, Kotak Neo serves as the central digital platform through which portfolios, research, and investment capabilities can be accessed. The firm allows investors to bring external holdings into the Kotak Neo environment for analysis, providing a broader picture than assets held directly with Kotak alone. However, Manish Kathuria believes HNW wealth management requires more than purely self-directed experience. Clients may want the convenience of completing transactions independently while retaining access to support when required.
Kotak Neo has consequently developed assisted journeys through which relationship managers and service teams help clients complete the same processes available digitally. Neome, Kotak Securities' conversational investment intelligence platform, is designed to help investors access research-backed insights through natural conversations. It allows investors to engage with Neome in a conversational manner and receive contextual guidance based on Kotak's research and intelligence ecosystem.
Offshore Investing Moves from ‘Why’ to ‘How’
International investing is another increasingly structural change in Indian wealth. Families are becoming more globally connected through business, travel, education, and consumption, strengthening the case for geographic diversification. Recent relative performance between Indian and international markets and movements in the rupee-dollar exchange rate have added momentum, but Manish Kathuria believes the underlying shift runs deeper.
"The narrative has moved from ‘why do I need to invest globally?’ to ‘how do I invest globally?’" he says. "More and more clients are asking us how they can access overseas markets."
The routes available to investors are also evolving. Domestic Indian mutual funds have historically provided overseas exposure through feeder and international strategies, but industry-wide regulatory limits have materially constrained that channel. At the same time, Gujarat International Finance Tec-City (GIFT City) and its International Financial Services Centre (IFSC) have become increasingly important avenues for international investment. The International Financial Services Centres Authority (IFSCA) reported more than USD 39 billion in cumulative fund commitments within GIFT IFSC by March 2026.
Manish Kathuria expects access to global investments to broaden progressively beyond ultra-high net worth (UHNW) and HNW clients towards affluent and, over time, retail investors. However, greater accessibility also raises the importance of structuring. Indian investors can increasingly access international markets through overseas brokers and emerging domestic or IFSC-based channels, but the investment itself is only one part of the decision. Tax treatment, regulatory compliance, succession arrangements, and estate implications can all become relevant once wealth crosses jurisdictions.
In conclusion, Manish Kathuria's vision for Kotak Neo is a future where direct equity relationships evolve into comprehensive wealth management solutions. This transformation is not merely about product diversification but a profound shift in how wealth is advised, managed, and invested. As the industry navigates the financialization of savings, the formalization of wealth management, and the global aspirations of Indian families, Kotak Neo is at the forefront, adapting its strategies to meet the changing needs of its clients.
