How Motilal Oswal Asset Management is Positioning for Private Wealth Relevance and Growth

As Indian equities gain renewed favour among private wealth clients, fund houses are being called to deliver more than returns — they must deliver conviction, clarity, and access. Akhil Chaturvedi, Executive Director and Chief Business Officer at Motilal Oswal Asset Management, spoke with Hubbis ahead of the firms participation in the INDIA WEALTH MANAGEMENT FORUM 2025, hosted by Hubbis in Mumbai. He outlined the firm’s strategic evolution across alternatives, sectoral thematics, and cross-border capital flows.

Now managing approximately USD17 billion in assets under management, the fund house has nearly tripled its assets under management (AUM) in two years. With private wealth clients becoming more discerning — and more global — Chaturvedi sees an opportunity for firms that combine deep local knowledge, differentiated ideas, and scalable international frameworks.

A Boutique Built on Equities — and Ideation

Founded over two decades ago, Motilal Oswal Asset Management is built around a singular focus: Indian equities. Its flagship investment philosophy, QGLP — which stands for Quality, Growth, Longevity, and Price — is rooted in identifying high-growth businesses at reasonable valuations and constructing concentrated, high-conviction portfolios.

“Our style is to start top-down, identify structural themes, and back them early,” says Chaturvedi. “That approach has helped us build a strong track record and gain trust among ultra-high-net-worth individuals and family offices.”

As of 2025, the firm has over 10 million investor folios and 8 million unique clients. Chaturvedi attributes much of this growth to private wealth partners, particularly those seeking differentiated ideas beyond conventional mutual fund offerings.

Alternatives with a Thematic Core

The firm’s most successful strategy in the alternatives space is its “Founders” theme — a portfolio focused on promoter-led Indian businesses. Launched just over two years ago, the fund now manages over USD2 billion and is distributed via Portfolio Management Services (PMS), Alternative Investment Funds (AIF), and GIFT City vehicles.

The strategy has also expanded to include a listed-unlisted sleeve, with up to 30% of the portfolio in pre-IPO opportunities — a model designed to appeal to sophisticated investors seeking early-stage alpha.

Other thematic offerings include the mid-to-mega cap transition strategy and value migration — both designed to align with long-term secular growth drivers in India. “We’re not building product shelves,” Chaturvedi adds. “We’re curating ideas that can sustain conviction over 10 to 15 years.”

Diverging from Consensus: Sectoral Overweights

At a time when many fund managers converge around large-cap financials or IT, Motilal Oswal is taking a different view. The firm is overweight on Non-Banking Financial Companies (NBFCs) and capital market businesses — rather than traditional banks — and favours consumer discretionary over staples.

“We’ve been underweight on large-cap IT, but we’ve leaned into mid-cap tech and new-age digital firms,” says Chaturvedi. “And in manufacturing, we see major opportunities emerging from the government’s focus on capex and industrial policy.”

Within that theme, the firm is investing in sectors like electronic manufacturing services, defence, cables and wires, and select industrial suppliers. “We want to be on the side of growth,” he says. “Not in segments where growth is flattening.”

The Private Wealth Proposition: Ideation, Access, and Execution

Asked what makes the firm relevant to private wealth managers, Chaturvedi outlines a three-part proposition: differentiated portfolios, strong engagement, and seamless digital infrastructure.

The firm has also invested in a digital-first platform for onboarding and servicing, particularly on the alternatives side. “We’ve eliminated paper, enabled end-to-end digital journeys, and made it frictionless for both RMs and clients,” Chaturvedi notes. “It’s helped us stay ahead of the curve.”

GIFT City: Building a Global Gateway to Indian Equities

The International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) is becoming a launchpad for foreign investment into India — and Motilal Oswal is one of the early adopters. The firm now runs two portfolios from the GIFT City platform: the Founders strategy and a feeder into its Large and Mid-Cap mutual fund.

“We launched these funds for non-resident Indians, foreign family offices, and institutional allocators,” Chaturvedi explains. “So far, we’ve raised around USD200 million, with most early traction coming from Dubai and Africa.”

A key differentiator has been tax efficiency. The firm’s funds are registered under the 8832 regulation in the United States, qualifying them as non-Passive Foreign Investment Companies (non-PFIC) — thereby allowing US investors to pay capital gains tax rather than punitive offshore income tax. The firm also issues K-1 forms to simplify reporting.

“We’re complying with local regulations in the US and are now exploring registrations in the United Kingdom. Over time, we’ll look at Europe as well,” says Chaturvedi.

Outbound Ambitions: Helping Indians Invest Globally

While inbound capital is a current priority, the firm is also preparing to support Indian investors seeking overseas exposure. The first step will be passive funds focused on the United States, with eventual expansion into other developed markets.

“Our goal is to offer a spine of global access — one side for inbound into India, and the other for outbound from India,” says Chaturvedi. “We’ve built strong local partnerships and we’re taking measured steps to understand investor behaviour before scaling further.”

Longer-term, the firm is considering acquiring a Undertakings for Collective Investment in Transferable Securities (UCITS) licence in Europe — a move that would facilitate platform-based distribution to global allocators and family offices.

Private Wealth at the Core of the Next Chapter

For Motilal Oswal Asset Management, private wealth partnerships are no longer a secondary channel — they are central to strategy.

“Discerning investors want more than returns. They want relevance, foresight, and credibility,” says Chaturvedi. “We’re focused on delivering that through our ideas, our access, and our execution.”

As global and domestic capital converge in India’s equity markets, the firm is betting that its differentiated approach — rooted in long-term growth thematics, technology enablement, and regulatory foresight — will help it stay at the forefront of private wealth allocations.