In this wide-ranging Q&A with Hubbis, Kailash Kulkarni, CEO of HSBC Mutual Fund, sets out a clear, purpose-led view of asset management’s role in India’s economic journey. He explains how disciplined, process-driven investing is helping channel household savings into productive capital, why democratising institutional-grade expertise is central to long-term wealth creation, and how technology, regulation, and investor education are reshaping expectations across retail, HNW, and global Indian clients.
Who Are You and What Do You Do?
As the CEO of one of the leading Asset Managers in India, I view my role not just as a financial service provider, but as a navigator of national aspirations.
We serve as the vital link between the growing savings of Indian households and the capital requirements of the nation’s economy. At our core, we are a responsible institution. Our role extends beyond simply managing financial assets; we help realise the ambitions of millions – whether it’s a parent in a Tier-3 city investing in a child’s education, or a young professional in an urban centre preparing for early retirement and aspiring to launch a new venture. We represent a blend of global institutional discipline and local insight. We are one of the few entities in India’s financial ecosystem that help build systematic wealth creation.
Our function is guided by three primary purposes:
Risk-Adjusted Wealth Creation: Our job is not to chase the highest possible performance at any cost, but to deliver the best potential performance for the level of risk an investor is willing to take.
Promote Discipline & Education: We provide the infrastructure for financial discipline and empower all stakeholders i.e. Distributors, IFAs, Institutions and Investors through financial education to increase investor awareness. By institutionalizing the Systematic Investment Plan (SIP), we help investors navigate the “noise” of market volatility.
Capital Allocation for “Viksit Bharat”: We are capital allocators. We take the small savings of individuals and channel them into productive sectors such as Infrastructure, Technology, Manufacturing and Banking. By doing this, we provide the fuel that drives India’s GDP growth.
HSBC Mutual Fund’s purpose centres around helping clients achieve financial goals through sustainable and responsible investing, leveraging our global expertise to connect Indian investors with worldwide opportunities, aiming for long-term value by managing risk, and aim to become one of the leading asset managers in India by expanding reach and product offerings.
What is your USP? How would you describe your firm’s business model and how it differentiates itself from other private wealth management firms in India?
Our Unique Selling Proposition is to democratise institutional-grade investment expertise, making it accessible to all customers. As India’s leading asset manager, we are able to leverage HSBC’s global investment experience and knowledge-sharing capabilities. Our investment team benefits from direct access to international research and insights, enabling us to deliver sophisticated research, robust risk management, and high-conviction investment strategies—even to small investors. We don’t just offer financial products; we deliver a consistent, process-driven approach. Our proprietary risk-mitigation framework is designed to ensure our funds perform reliably across all market cycles, not just during periods of growth.
Our business model centres on manufacturing financial investment products. We operate under a Total Expense Ratio (TER) model, regulated and capped by authorities. Our profitability is driven by growth in Assets Under Management (AUM), an expanding investor base, and operational efficiency.
As managers of pooled assets (Mutual Funds), our primary responsibility is to achieve each fund’s stated objective—such as long-term capital appreciation—rather than catering to an individual’s specific urge. This disciplined, objective approach underpins our investment style.
While Private Wealth Management (PWM) firms focus on high-end services like concierge banking and estate planning, we differentiate ourselves as the performance engine. Wealth management firms often select our funds for their clients’ portfolios, whereas PWMs curate bespoke portfolios tailored to individual tax, family, and risk needs. In essence, we manufacture performance, while PWMs curate client experiences. Our distinct advantage lies in our pure research focus; we are dedicated solely to selecting the right, research-driven securities to help generate long term wealth, without distractions from selling other products or services.
Our well-experienced investment team leverages rigorous fundamental research and advanced quantitative models to identify mispriced investment opportunities in the market. We benefit from global investment trends and knowledge sharing through our parent asset management business, ensuring our strategies remain at the forefront of industry developments. Our stringent risk management processes are standardised globally, providing a consistent and robust framework for all our investments. We aim to achieve a higher active investment share compared to fund benchmarks, adopting a growth-oriented approach with a particular focus on emerging mid and small cap segments. This is complemented by a predominantly bottom-up investment strategy. Additionally, we have access to customised global investment tools and efficient operational processes, further enhancing our ability to deliver value to our clients.
How do you segment your clients? How are client expectations evolving?
We segment clients based on financial life-stage and based on their investment objective to provide ideal solutions.
- Retail: Focused on SIPs. Driven by accessibility and simple “one-click” investing and empowerment through investor awareness.
- Mass Affluent: Professionals seeking goal-based portfolios and customised solutions through our online / offline support teams and guidance.
- HNIs/UHNI: Seeking “Alpha” through specialised products like PMS (Portfolio Management Services).
- Institutional: Corporates and Treasury desks focused purely on liquidity low volatility.
Our clients are evolving from passive savers to active, goal-oriented investors. They now expect greater transparency and trust, personalised investment solutions tailored to their unique life objectives, and seamless digital experiences with instant liquidity and mobile access.
What range of services do you offer, and how do you tailor these services to meet the diverse needs of your clients?
HSBC Mutual Fund currently offers the following services:
- Mutual Funds: Regulated pooled vehicles for the masses (Equity, Debt, Hybrid, Index, Global and Domestic Fund of Funds).
- PMS (Portfolio Management Services): Customized, High conviction and concentrated stock portfolios for HNIs.
- Offshore advisory services
- ESIC portfolio management
We use an investment objective-based model to better understand and serve our clients:
- For Retail clients: We offer a range of simple investment products, comprising funds across various asset classes, to suit investment objectives, with support available in regional languages.
- For Institutional clients: We provide comprehensive cash management and capital growth solutions through our suite of funds, designed to meet the distinct needs of institutional investors.
- For High-Net-Worth Individuals (HNIs): We provide Portfolio Management Services (PMS) mandates, enabling investment objective-driven allocations in specific sectors or unlisted companies, all within a clearly defined portfolio theme.
How do you identify and attract high-net-worth individuals (HNWIs) and ultra-high-net- worth individuals (UHNWIs) as clients?
For us, acquisition of HNWIs and UHNWIs is not “selling,” it is strategic relationship building. In the Indian landscape, “big money” may not follow advertisements, but it surely follows trust, exclusivity, and specialized expertise. Through all our stakeholders, we aim to reach our clients effectively. We have huge network of banks, distributors and IFAs who trust us due to our established legacy. We try to connect clients with our legacy and trustworthy background and help them understand our unique offering.
What is your firm’s investment philosophy, and how has it evolved in response to market changes?
I describe our investment philosophy as “Process-Driven Progress.” In the Indian market, where “gut feeling” often overrides data, we stand firm on a structured, multi-dimensional framework. We don’t buy stocks; we aim to invest in businesses from a long-term perspective. Our decision-making is anchored on this philosophy. Our investment philosophy is built on decades of experience and changing economic and market dynamics. With changing market dynamics and some new age experiences, we keep on adding layers to make our investment processes stronger.
We do not use ‘proxy’ for credit quality and therefore aim to have really ‘True to Label’ products. We have a balanced approach to credit and aim to preserve long term credibility of funds across categories that has been built over many years and through cycles.
Guiding principles that drive Investment philosophy and approach
- Investment mandate: We ensure that the fund manager adheres to the investment style stated in the Offer documents
- Active fund management: Focus and conviction on long-term business fundamentals
- Coupled with disciplined, yet active fund management
- Research based stock selection: Focus is on identifying stocks with – Strong business fundamentals, better growth prospects, and Undervalued relative to their intrinsic worth
- Robust risk management: A robust framework for evaluating, monitoring and managing various risks are an integral part of the investment process
What are the needs of clients onshore and global Indians managing their wealth internationally?
I see our network expanding beyond national borders. Managing wealth for Global Indians and Onshore Indians with global ambitions is a sophisticated balancing act. In 2026, their needs have moved beyond simple remittances to complex, multi-jurisdictional wealth architecture.
For the global Indian, the world is one market. Our job through our associates is to help them with regulatory and tax related guidance so that they can focus on the India Growth Story. Whether it’s through offshore advisory or our global parent association, we aim to provide a borderless wealth experience to our clients.
As the Indian economy matures, our domestic clients may want to diversify outside India. They seek assets denominated in USD or EUR to protect against long-term Rupee depreciation. Accessing themes not fully mature in India, such as Emerging Markets or Climate Change.
Global Indians are “homecoming” with their capital, but they demand institutional-grade service. Their biggest priority is the ease of moving money back and navigating other regulations. They look to India for higher interest rates and growth compared to their resident countries. They expect “Zero-Touch” service—Video KYC, digital nominations, and 24/7 access to their Indian portfolios from their overseas time zones. They want to see portfolios post currency adjustments and tax. Global Indians want a single “Dashboard” that shows their all investments in one view.
Key Priorities
What are your top 3 priorities over the next 12-18 months?
Our focus for the next 12 to 18 months is not just on growing Assets Under Management (AUM), but on structural resilience. As the Indian market moves into a phase where quality takes precedence over liquidity, our priorities are aligned to reflect this shift. We are focused on navigating the “SEBI 2026” regulatory reset, scaling alpha through Digital & AI Integration and Deepening the “Global-Local” Bridge. Anchored in Regulatory-Ready, Tech-First, and Product-led, our objective is to partner investors as a global institution built on transparency and fiduciary integrity.
Are you expanding into new markets or launching new services?
Our focus is on reimagining what it means to deliver a “leading service” in a digital-first India. We are strengthening our ability to create innovative, distinctive products and services that delight our investors. By anticipating evolving needs, we are committed to delivering experiences that truly stand out. We continue to build on our strengths as a ‘Product Manufacturer’ while increasingly thinking as an ‘Outcome Engineer’.
Are there any digital or operational upgrades underway?
We are continuously enhancing our platforms to deliver greater speed and safety to our customers. Our journey goes beyond digitisation. We are building on our momentum to make operations even more intelligent and efficient. This ongoing evolution ensures that the investor experience keeps getting better and amazing. Our operational goal is simple, to have no friction for the investor, and no blind spots for the fund manager.
What enhancements are you planning in your value proposition, products and service offering?
We continue to offer world-class funds, enhanced by outcome-driven strategies. Our commitment is to deliver not just products but help our investors meet their investment goals. With the market shifting from broad-based growth to highly selective, theme-driven opportunities, we are exploring various products that can capture the structural “Megatrends” reshaping India. We are committed to continuously evolving our products to meet changing customer needs, identifying, focusing on opportunities that demonstrate strong growth potential that align with our investors’ expectations and investment objectives.
How are you approaching talent acquisition or retention?
We treat human capital with the same rigor we apply to our financial capital. The Indian AMC talent landscape has evolved in recent years with greater emphasis on data and research capabilities in addition to trading expertise. This reflects a broader focus on translating complex insights into practical investment outcomes. As we deepen presence across Tier-2 and Tier-3 cities, cultural understanding and regional context remain integral to how we engage with investors.
Into the Future
How do you see the industry evolving in the next 5-10 years?
Looking ahead, preparing for the future is less about speculation and more about proactively adapting to a fundamental shift—from a nation of savers to a nation of strategic investors. By 2026, the Indian Mutual Fund industry has already surpassed the ₹80 trillion milestone, and the projected path towards ₹300 trillion by 2035 appears increasingly inevitable.
Notably, Tier-2 and Tier-3 cities now account for approximately one-fifth of industry assets, and their contribution is expected to grow further. This marks a transition from a focus on “Financial Literacy” to a broader emphasis on “Financial Inclusion.” The next phase of growth will be driven by millions of informal sector workers and the expanding middle class in smaller towns, who are increasingly channeling their savings and other assets into systematic investment plans (SIPs).
Technology and artificial intelligence are poised to play a transformative role across the investment landscape. For example, the integration of alternative data—such as satellite imagery of crop yields or real-time port traffic—using AI can enable more informed investment decisions, even before traditional financial results are released.
In the near future, investment strategies are expected to be supported by a Human-AI hybrid model, combining advanced analytics with human expertise. As we embrace these technological advancements, we remain committed to innovation while ensuring that our approach continues to deliver the best outcomes for our investors.
In what ways has technology impacted your wealth management services, and how are you leveraging technology & Al to innovate and also to enhance client experiences?
I see technology not as a cost, but as a key advantage. Wealth management has evolved from a “digital-first” approach to an “intelligence-first” era. We’re no longer just giving clients access—we’re delivering insights and guidance at scale. A decade ago, creating a personalized portfolio required an investment of around ₹5 crore. Today, thanks to Account Aggregators and UPI Autopay, we can offer the same disciplined investment experience to someone investing for e.g. just ₹500 through a SIP in a remote village, as we do for a billionaire.
Real-time dashboards mean clients don’t have to wait for monthly statements. They can instantly see a complete picture of their wealth, tax obligations, and risk exposure at any time.
One can today use Natural Language Processing (NLP) to analyse thousands of earnings call transcripts and social media trends across multiple Indian languages. This helps spot changes in management tone or consumer sentiment that would be impossible for a human team to process so quickly. AI models also help predict spikes in redemptions by studying past behavior, so we can manage cash flows efficiently without affecting performance.
While we’re always exploring new ways to make investing more efficient, we remain grounded and cautious before before adding new layers in investing.
What kind of consolidation do you foresee in the wealth management industry space?
The Indian wealth management space is undergoing a structural change driven by the strong consistent growth in India, rising income levels, SEBI (Mutual Funds) Regulations and the cost of staying technologically relevant. Smaller AMCs and independent wealth managers with AUM below a certain “critical mass” may find their margins evaporating by the high cost of compliance and the new Base Expense Ratio (BER) caps. Traditional wealth houses that lack the Tech / AI-driven personalisation may lose the next-gen Millennial and Gen-Z clients. We may see mergers where bigger players acquire smaller “boutique” firms.
What shifts in client needs or demographics do you anticipate?
I expect our clients will look very different from those we served just five years ago. We’re shifting from a “Saving-First” approach to an “Outcome-First” mindset. India is on the verge of a massive intergenerational transfer of wealth, and the traditional decision-maker is changing. It’s no longer just the older patriarch; it could be his young, tech-savvy, and socially conscious daughter. Younger investors now prioritise sustainability and transparency over traditional investment options. Instead of seeking personal meetings with relationship managers, they want high-performing apps and portfolios that avoid non-sustainable industries.
The geographic focus is also shifting beyond metro cities. We need to localise our services—not just by translating brochures, but by offering AI and advisors who truly understand regional business cycles and local needs.
A large group of private-sector employees is approaching retirement without formal pensions. Gold is now seen more as a tactical hedge than a primary savings tool. Women investors are increasingly prioritising long-term stability and goal-based outcomes, such as education or legacy planning, rather than chasing short-term returns. We expect to see a rise in women-led investments.
Clients’ needs are evolving from simply asking, “How do I save or grow my money?” to “How do I generate a safe, inflation-protected monthly income?” As a result, we’re focusing more on SIP (Systematic Investment Plan) and SWP (Systematic Withdrawal Plan) solutions.
Our communication strategy is also changing. We’re moving away from market-focused jargon and adopting a more empathetic, goal-oriented approach. Our aim is to build a platform that supports the aspirations of every demographic in the new India.
Getting Personal
Where were you born and educated?
I was born in Mumbai and educated at schools across India, which gave me a broad perspective. I completed my higher education in Pune, graduating with a management degree from the Institute of Management Development and Research.
What moments or milestones in your career have shaped you the most?
A pivotal influence in shaping my approach has been my tenure with key advisory committees, including those at SEBI and the Association of Mutual Funds in India (AMFI). These roles provided me with a deep understanding of the regulatory landscape and strategic direction of the financial industry, equipping me to navigate complex challenges and drive sustainable growth.
Even more transformative, however, has been my dedicated work in financial literacy. Leading initiatives to demystify mutual funds and empower individuals with financial knowledge not only reinforced my commitment to building a more inclusive financial ecosystem but also instilled in me a strong sense of purpose. These experiences have shaped my leadership philosophy. They have enabled me to champion a culture where informed decision-making and long-term value creation guide every action, ensuring that our organisation succeeds together while making a meaningful difference in people’s lives.
What do you enjoy doing in your spare time?
I am an avid adventure sports enthusiast and a dedicated global traveller. I find that exploring international landscapes and immersing myself in diverse cuisines, particularly when traveling with a close-knit circle of friends that provides a vital balance to the rigors of the financial sector.
My love for music, has helped me interact with varied audiences and solidified new friendships along the way due to the common love for music. Furthermore, I stay connected to the spirit of innovation by mentoring friends who have set up startups, applying my industry experience to support emerging entrepreneurs navigate the complexities of the business landscape.
Please share details about your family members and what do you enjoy doing together?
While my professional life revolves around the financial sector, my personal world is deeply rooted in family. Together, we share a genuine passion for exploration, which makes our time together especially enriching.
Travel—both within our own country and abroad—is the activity we value most as a family. We’re united by our enthusiasm for discovering new cultures, immersing ourselves in unfamiliar environments, and sampling diverse cuisines. These journeys offer us invaluable opportunities to connect, create lasting memories, and expand our collective perspective beyond the routines of everyday life.
Any surprising or little-known facts about yourself?
I bring the same risk management mindset to my personal life as I do to the BFSI sector. As an adventure sports enthusiast, I regularly take on challenges like white-water rafting and bungy jumping. These experiences have taught me that navigating unpredictable rapids demands the same quick decision-making and strategic risk assessment that I value in the financial world.
What advice would you give to younger professionals in this industry?
For those just beginning their careers in our industry, my advice is clear: embrace the transformation that’s reshaping finance as we know it. We stand at a pivotal moment—one marked by both extraordinary opportunity and significant challenge. Success today demands more than the traditional toolkit; it calls for a new breed of expertise.
The key takeaway is that quantitative skills—being “good with numbers”—are merely the entry ticket in today’s environment. The bar for competence has risen, and simply meeting it is no longer enough. To truly stand out and lead in the future of finance, you must combine technological fluency with genuine human empathy. The leaders of tomorrow in BFSI won’t be defined by narrow specialization. Instead, they’ll be the hybrid professionals—those who can bridge the gap between data and people and deliver value that technology alone cannot achieve.
If you want to shape the future, focus on building this unique blend of skills. That’s where real impact and lasting success will be found.
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Source: HSBC Asset Management India. Bloomberg, Data as on 31 December 2025 or as latest available.
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Disclaimer
Past performance may or may not be sustained in future and is not a guarantee of any future returns.
Note – The document provided for information only. Participants should note that there is no intention to solicit any investment opportunities outside Indian jurisdiction. Views provided above are personal and based on information in public domain and subject to change. Investors are requested to consult their financial advisor for any investment decisions. The sector(s) mentioned in this document do not constitute any research report nor it should be considered as an investment research, investment recommendation or advice to any reader of this content to buy or sell any stocks / investments. While any forecast, projection or target where provided is indicative only and not guaranteed in any way based on sources.
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The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested. Past performance contained in this document is not a reliable indicator of future performance whilst any forecasts, projections and simulations contained herein should not be relied upon as an indication of future results. Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Economies in Emerging Markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be affected adversely by economic conditions in the countries in which they trade. Mutual fund investments are subject to market risks, read all scheme related documents carefully.
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