Credit Suisse launched its Single Family Office service in India to cater to the fast-growing segment of Ultra-High-Net-Worth (UHNWI) and High Net-Worth Individuals (HNWI) in India.
India is home to a 158,000 dollar millionaires and this number is expected to rise by 53 per cent to 2,42,000 by 2017 according to the latest research conducted by Credit Suisse in its annual Global Wealth Report.
The Credit Suisse Single Family Office service allows families to leverage the strength of their enterprise, providing them with risk controls around the family fortune, said the bank.
While some of the wealth owned by UHNWI and HNWI are inherited, the bank estimates that almost 42 per cent of the Indian billionaires today are self made.
Raj Sehgal, market leader (Indian Sub-Continent) and Non Resident Indian (NRI) business Credit Suisse, said,"A proactive family office allows a family to structure its wealth to ensure continuity of values and objectives, while freeing up family members to pursue endeavours that are most important to them."
The bank says it would provide a comprehensive range of services around asset allocation, estate planning, corporate finance, administrational management and philanthropy initiatives.
Mihir Doshi, CEO India, Credit Suisse, said, “The launch of the Single Family Office service is a milestone for wealth management in India. The need for managing and growing family wealth has led to an increase in the importance of a trusted family office.”