JM Financial top gun quits to launch family office of Micky Jagtiani

BANGALORE/MUMBAI: Dubai-based retail tycoon and Landmark Group chairman Micky Jagtiani has roped in JM Financial top gun Sameer Lumba to launch a family office to manage assets estimated at $5 billion.
Lumba, a confidant of JM Financial boss Nimesh Kampani and CEO of the institutional equities unit, is moving to Dubai to manage the Jagtiani family portfolio across asset classes globally.This suggests the trend of high-profile investment bankers taking up assignments to manage the wealth of billionaire industrialists — prevalent in the west now hitting the Indian shores as well.
When contacted, Sameer Lumba confirmed he was joining Jagtiäni’s yet-to-be named family office as chief investment officer. JM Financial has brought in former JPMorgan executive Manish Prasad to succeed Lumba, who left last week.
The 63-year-old Micky Jagtiani has built a diversified retail and leisure empire spanning from Dubai to China, making him arguably the richest Indian in the Arabian Gulf. His Landmark owns retail chains like Lifestyle, Splash and Max, besides a bouquet of F&B outlets and budget hotel Citymax.
Privately-held Landmark operates over 1,500 stores in 20 countries. Its Indian revenue is expected to cross a billion dollar this fiscal. The low-profile Jagtiani— a college dropout who once drove cabs in London— holds stakes in global retailers like Saks and Debenhams.
"It is exciting when you work directly with the source of global capital, which is private wealth," Lumba said. He refused to detail the size of wealth to be managed by the Jagtiani family office.
Shailesh Haribhakti, managing partner of consultancy firm, Haribhakti & Co, said, "As business families become wealthier, they will have to manage their money in a more professional manner. The best way to do this is by establishing a comprehensive family-office structure."