Marwar - - Panel Discussion -

We’ve al­ready talked about cul­tural ethics so I will just add a bit of per­spec­tive, es­pe­cially from our part, since you talked about risk. Since we deal with a lot of clients who are Mar­wari first gen­er­a­tion, sec­ond gen­er­a­tion, third gen­er­a­tion en­trepreneurs, one is see­ing a lit­tle bit of dis­tinct dif­fer­ence… Let me elab­o­rate a lit­tle bit: In a lot of pock­ets, what we see—es­pe­cially when peo­ple come to us to give us wealth to man­age—is that the first and sec­ond gen­er­a­tion en­trepreneurs typ­i­cally are very high risk tak­ers in busi­ness, and the money given to us is largely for preser­va­tion. The new gen­er­a­tion, which is com­ing in now, how­ever, is slightly dif­fer­ent. The risk-tak­ing abil­ity due to ac­tu­ally get­ting in and start­ing a busi­ness, and ex­pand, is com­ing off, and the risk-tak­ing abil­ity on eq­uity mar­kets, etc, is go­ing very high. So PEs, etc, are re­ally go­ing very high. But risk-tak­ing—now that is un­for­tu­nate… For us it is damn good though, be­cause the busi­ness is great for us. But on a se­ri­ous note, when we meet clients, a lot of times when I come out of the meet­ing, I wish that he was putting more money back in the busi­ness, be­cause we per­son­ally feel busi­ness can do ex­tremely well go­ing ahead. But that’s one of the chal­lenges or dilem­mas… I would prob­a­bly put it that way.

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