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<ul class="summary-list"><li>Steve Schwarzman, Blackstone's cofounder and CEO, is estimated to be worth $57 billion.</li><li>Schwarzman has called Blackstone his family office, but he has another family office, BI has learned.</li></ul>In his book, <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-best-career-lessons-2019-9">"What It Takes,"</a> Steve Schwarzman recalls being on the verge of graduating from college in 1969 with little sense of what he might do next.A member of Yale's famed <a target="_blank" class="" href="https://www.businessinsider.com/most-powerful-members-yale-skull-and-bones-2017-3">secret society Skull and Bones</a>, Schwarzman wrote to one of its most prestigious alumni,<a target="_blank" class="" href="https://www.businessinsider.com/the-bushes--a-wall-street-dynasty-2012-11"> Averell Harriman</a>, for advice. The heir of a railroad baron, Harriman had parlayed his family's wealth into the investment bank Brown Brothers Harriman before embarking on a political career that included roles as the governor of New York, the secretary of commerce under President Harry Truman, and America's lead negotiator in the <a target="_blank" class="" href="https://www.businessinsider.com/tet-offensive-us-victory-but-turned-americans-against-vietnam-war-2021-1">Vietnam War</a> peace talks.Over lunch at Harriman's Upper East Side mansion in Manhattan, the two men discussed a career in politics for Schwarzman before Harriman asked his guest whether he was "independently wealthy.""That will make a great difference in your life," Harriman told Schwarzman, the <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzmans-life-2015-10">middle-class son of a Philadelphia dry-goods-store owner</a>. "I advise you, if you have an interest in politics whatsoever, to go out and make as much money as you can."Schwarzman, 77, never ended up pursuing a career in politics, but as the CEO and a cofounder of the alternative-asset manager Blackstone, he has built a fortune that <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">Bloomberg estimates</a> is worth $57 billion — or more than the market value of Ford Motor Co.The 24th richest man in the world, Schwarzman has used his wealth to influence various industries, including politics, real estate, and the arts, as well as culture. A <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">vocal supporter of Donald Trump</a>, Schwarzman is expected to have a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">voice in the next White House</a>. His name adorns the New York Public Library and <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-name-buildings-yale-2015-5">buildings on prominent university campuses</a> such as Yale's and MIT's. He and his wife, Christine Hearst Schwarzman, have been guests and supporters of the Metropolitan Museum's star-studded Met Gala fundraising extravaganza. They have also been the subject of news stories for their own <a target="_blank" class="" href="https://www.businessinsider.com/2008/10/steve-schwarzman-apologizes-for-the">elaborate parties</a> (think camels, <a target="_blank" class="" href="https://www.businessinsider.com/left-management-consulting-become-flying-trapeze-teacher-2022-8">trapeze artists</a>, and Gwen Stefani) and many home purchases.<div type="image" title="Steve Schwarzman and his wife Christine Hearst Schwarzman outside of the Met Gala. Steve is wearing white tie attire, and Christine is wearing a gold." height="2656" width="3984" msid="115333170" hostid="261" sizebytes="476358"></div>Little is known, however, about how the private-equity titan manages his money.At a conference last year, Schwarzman suggested that the firm he <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-deal-to-expand-hq-in-latest-sign-of-growth-2024-6">cofounded in 1985</a> was sufficient to handle his financial affairs."I own a lot of stock, and I invest in all of our funds, so the firm is my family office," Schwarzman said at the Bank of America Securities Financial Services gathering, according to an AlphaSense transcript.Business Insider has learned, however, that Schwarzman also has a family office with a name that harkens back to his childhood. Pennypack is run by a former Blackstone tax expert and employs dozens of people, including housekeepers, lawyers, and personal assistants, according to public records and conversations with people with knowledge of Schwarzman's money-management tactics, some of whom requested anonymity to speak about his private matters.It's secretive, with a nondisclosure agreement at the ready for its contractors, and provides support for at least some of Schwarzman's charitable organizations and political dealings. Pennypack also helps care for and manage many of the Schwarzman family's properties.Here's a look at what it takes to manage billionaire Steve Schwarzman's wealth.<h2 id="061bb84c-1342-46df-a7e6-0fa5a6a820d1">Most of Schwarzman's wealth is tied up in Blackstone</h2>Schwarzman cofounded Blackstone in 1985 with his former boss, Pete Peterson, and $400,000 in seed money. Today, it manages <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">more than $1 trillion</a>, making it the largest alternative-asset manager in the world.He is the biggest single shareholder, with a 19% stake, surpassing institutional giants like Vanguard. Based on a recent stock price of $181.17, his stake is worth $41.7 billion, which means that more than two-thirds of Schwarzman's wealth comes directly from his equity in Blackstone.As a shareholder, Schwarzman also benefits from <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-steve-schwarzman-earnings-in-2017-2018-3">cash dividends</a> the company pays its stock owners. Public records show that in 2023, he took home $777 million in dividends, a 29% decline from the more than $1 billion in dividends he took home in 2022. Before Blackstone went public, Schwarzman received cash dividends as a partner in the firm.Schwarzman is also the largest individual investor in Blackstone's funds, a spokesperson for him said."Mr. Schwarzman is the largest individual investor in both Blackstone's stock and our funds — demonstrating his full alignment with the success of the firm and its clients," the spokesperson wrote.BI could find no evidence that Pennypack invests on behalf of Schwarzman, with no regulatory filings showing that it owns stock.This is unusual but not unheard of, Marc Sharpe, a professor and the chair of the Family Office Association, said. He pointed to Michael Dell, the founder of Dell Computer who invests through MSD Capital but also has a separate office to manage and run his personal affairs."There is no single correct way to define a family office," Sharpe wrote to BI. "Oftentimes, they're described as a buffet menu of financial plus concierge services that wealthy families might utilize."<h2 id="37457fb4-3ead-4cc8-a639-7ed014e15612">The name is linked to his childhood</h2>The Pennypack name appears to be a throwback to Schwarzman's youth. His family lived on Pennypack Road after moving from Philadelphia to its neighboring suburbs when Schwarzman was a teenager. Property records show that his parents bought their home, which abuts Pennypack Creek, a 22-mile creek that empties into the Delaware River, in 1960 and sold it decades later, in 2004.<div type="image" title="A railroad bridge over a river, surrounded by a forest in autumn" height="3765" width="5648" msid="115333168" hostid="261" sizebytes="2645164"></div>Pennypack LLC was incorporated in 2018 in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-done-with-delaware-other-corporations-unlikely-to-follow-2024-2">Delaware</a>. It's unclear whether the entity existed before in a different form, and representatives for Schwarzman declined to clarify.According to Blackstone's 2023 annual report, it provides Schwarzman's family office with "offices, technology, and support," though Schwarzman is responsible for reimbursing Blackstone for the costs. Until this year, the company was registered to a Blackstone office address, according to corporate filings.<div type="image" title="Blackstone signage outside Blackstone Group headquarters in NYC" height="2268" width="3400" msid="115333173" hostid="261" sizebytes="564594"></div>Like many family offices, Pennypack is secretive. According to a copy of an <a target="_blank" class="" href="https://www.businessinsider.com/how-nondisclosure-agreements-silence-control-workers-silicon-valley-2021-7">NDA </a>for vendors that work with Pennypack, obtained by BI, signees are not allowed to disclose information about the "Schwarzman Group."According to the document, the Schwarzman Group includes "all employees of Pennypack, all employees of all residences of Stephen A. Schwarzman and/or Christine Hearst Schwarzman regardless of the location of such residences; and all business entities that Pennypack manages, operates or is associated with, and the employees and agents of those businesses."<h2 id="ce719a95-bc69-41be-9292-52d9184d267d">Who runs Pennypack?</h2>Pennypack is run by John Magliano, a former Blackstone executive and accountant. Magliano's LinkedIn profile says he has been the president of a family office since 2017.He spent more than 18 years with Blackstone, including as the CFO of its private-equity group, which runs its control investments in businesses, and as a managing director of Blackstone's tax group, which helps prepare its tax returns and studies the tax implications of business decisions. After leaving to run Pennypack, Magliano stayed on as a senior advisor to Blackstone through 2021.Schwarzman thanks Magliano in the acknowledgments section of his autobiography, along with Paul A. White, another Pennypack executive. The pair are listed as officers in LLCs tied to a string of Schwarzman's recent home purchases, including his $32.5 million purchase of a mansion on the tony Easton Street in <a target="_blank" class="" href="https://www.businessinsider.com/nantucket-homes-give-away-free-move-houses-cost-reason-2024-4">Nantucket, Massachusetts,</a> which marked the largest private-home sale in the island's history at the time.<div type="image" title="Postcard of the White Elephant, an iconic Nantucket hotel, with sailboats in front of it." height="2673" width="4212" msid="115333174" hostid="261" sizebytes="1269842"></div>The two men are also named as officers of LLCs linked to the $43 million purchase and renovation of two <a target="_blank" class="" href="https://www.businessinsider.com/gilded-age-mansions-photos-wealth-2024-9">historic Newport, Rhode Island, mansions</a>: Ocean View and Miramar, the latter of which Schwarzman said he would <a target="_blank" class="" href="https://www.townandcountrymag.com/society/money-and-power/a61852950/steve-schwarzman-miramar-private-museum/">turn into a museum</a> when he dies. They are also named as officers of an LLC tied to Schwarzman's $100 million purchase of an estate named Conholt Park, which is about a 30-minute drive from Stonehenge in Wiltshire, England.<h2 id="665829e5-e31a-44d6-b0d6-9cfaacbcba9a">The staff</h2>A person with direct knowledge of Pennypack's operations told BI that Pennypack employed over 100 people in various roles, from executive assistants to the housekeepers who clean and maintain his homes.One employee on LinkedIn described their role at Pennypack as providing administrative support to "Mrs.," an apparent reference to Hearst Schwarzman. Listed duties included managing her personal projects and board and foundation endeavors, drafting emails, preparing her for speaking engagements, and tracking auctions for purchases.Another Pennypack employee described themself on LinkedIn as a housekeeper.A list of contractors obtained by BI shows that Pennypack has hired landscapers, ornamental plasterers, construction workers, and architects. The building conservationist linked to Miramar, the Gilded Age Newport home he bought for $27 million in 2021, is on the list.<div type="image" title="Black and white photo of Miramar, taken between 1917-1927" height="1122" width="1536" msid="115333180" hostid="261" sizebytes="64092"></div>Pennypack also appears to play in role in the Schwarzman's family's security. In June, the family office purchased a radio call sign tied to Ocean View in Newport. The Federal Communications Commission application said that "radios will be used to coordinate private security details."<h2 id="d929c107-fbef-4672-bcc4-3c5d65f98c0b">Schwarzman's charities and politics</h2>Pennypack's officers also play a role in <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-comments-on-report-cards-2015-11">Schwarzman's charitable works</a>. Public filings show that Magliano is the treasurer and director at the Stephen A. Schwarzman Foundation, Schwarzman's main philanthropic arm. Its recent donations include $350 million to MIT for a building dedicated to the study of artificial intelligence and computing, as well as more than $220 million to create a new Centre for the Humanities at Oxford, which is set to include the study of <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-steve-schwarzman-on-ai-infrastructure-investment-goals-2024-7">ethics in AI</a>.<div type="image" title="A view of the New York Public Library - Stephen A. Schwarzman Building." height="4128" width="6192" msid="115333177" hostid="261" sizebytes="1646392"></div>Magliano is in charge of the foundation's bookkeeping, the filings show.Filings show that Magliano is also a vice president and the treasurer of the Stephen A. Schwarzman Education Foundation, which runs the <a target="_blank" class="" href="https://www.businessinsider.com/schwarzman-scholars-in-china-2013-4">Schwarzman Scholars program</a>, a master's leadership program at Tsinghua University in Beijing. The program was founded in 2016 to help foster US <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-us-china-trade-war-2019-9">relations with China</a>.In 2022, Magliano was paid $300,000 for working 18 hours a week with the two foundations, according to nonprofit filings for the firm.Schwarzman has long been in the political spotlight, most notably as the head of then-President Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-business-council-strategic-policy-forum-why-ceos-left-2017-8">Strategic and Policy Forum</a> and as a <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">prolific Republican donor</a>.<div type="image" title="President Donald Trump listens to Blackstone CEO Stephen Schwarzman." height="3557" width="5336" msid="115333182" hostid="261" sizebytes="1969124"></div>Federal Election Commission filings show that Pennypack was paid over $12,000 in March for fundraising consulting by a joint PAC connected to Senator-elect<a target="_blank" class="" href="https://www.businessinsider.com/tim-sheehy-montana-wealthy-republican-climate-change-china-investments-2023-11"> Tim Sheehy of Montana</a>.A Schwarzman spokesperson told BI that the payment was a reimbursement for a fundraiser that he held for Sheehy.<h2 id="fab9026e-545d-4685-b7c4-455482025cff">What is a family office, anyway?</h2>The concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Sharpe, the chair of the Family Office Association, estimated that there were now at least 3,000 family offices serving a single family in North America. Every family office, however, is just as unique as the wealthy family that's spawned it, he said."The term family office," Sharpe said, "is possibly the most misused, overused, and poorly used term in finance today."

Inside the secretive operation helping manage billionaire Steve Schwarzman's vast fortune

<ul class="summary-list"><li>Boeing's still-new CEO, Kelly Ortberg, <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-boeing-777x-test-aircraft-biggest-twin-engine-airliner-2023-8">faces urgent challenges</a>, including a worker strike.</li><li>Ortberg has to address decades of management issues and concerns from customers, workers, and investors.</li></ul><a target="_blank" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">Kelly Ortberg</a> took the helm at Boeing with no time to spare.Just two months in and he is grappling with striking workers, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-q3-results-earnings-loss-ceo-vows-iconic-again-2024-10">multi-billion-dollar losses</a>, and a corporate culture gone adrift — all while trying to create a plan to one day <a target="_blank" class="" href="https://www.businessinsider.com/boeing-ceo-turnaround-plan-employee-memo-earnings-2024-10">develop a new aircraft</a>.Unlike the lucky new CEO who gets to walk factory floors and office hallways before pulling big levers of change, Ortberg faces pressure to do as much as he can quickly to correct course after more than two decades of misfires by five previous CEOs.Ortberg, who started in August, is trying to set expectations."I'm still in the process of traveling around, meeting our people, particularly two and three levels down," he said during an investor call Wednesday. "We just have to get everybody in the right position, running the right play, focused on the right thing, and I think we've got some work to do there."The pressure to perform is significant. On Wednesday, the company reported a loss of $6.1 billion for the third quarter. The same day, the machinists' union again rejected a company proposal that would have delivered a 35% pay increase over four years. According to one group of analysts, the strike has cost the company <a target="_blank" href="https://www.businessinsider.com/boeing-strike-costing-50m-per-day-as-negotiations-restart-2024-10">$50 million a day</a>.Ortberg, in a letter released to employees along with the company's third-quarter results, said Boeing's customers want — and need — the company to succeed."With the right focus and culture, we can be an iconic company and aerospace leader once again," he wrote.The letter offered a reminder that Ortberg has to balance pressures from workers, investors, and Boeing's customers. In the case of the company's commercial business, which builds aircraft for airlines, that ultimately means the flying public.Bill George, the former CEO of medical device maker Medtronic and an executive fellow at Harvard Business School, told BI that Ortberg has to tackle short-term challenges like the worker strike and shoring up cash flow while also making "bold decisions" for the long term."He can't just do one or the other," George said.<h2 id="344697db-407e-4770-8539-290cb807cfc8">Restoring a culture of safety</h2>George said that while the company's commercial, defense, and space businesses each face challenges individually, the broader issue that needs prioritizing is restoring a <a target="_blank" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">culture of safety after high-profile failures</a>."That's the most important thing he's got to do, but that will take time," George said. He estimates fixing the culture and quality concerns might take three to five years and even longer to embed them deep within the company.George said Ortberg's background as an engineer — and not being a <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-says-decision-resign-his-own-2024-3">finance type who previously ran the company</a> — should help on the communication front with many of the company's workers."They know if you know what you're talking about or not," George said. "If you don't, they don't have any confidence."He added Ortberg's decision to <a target="_blank" href="https://www.businessinsider.com/boeing-disaster-american-businesses-greedy-broken-stock-market-wall-street-2024-2">move to the Seattle area, unlike prior chiefs</a>, was wise. The company has deep roots there, particularly in its commercial business."You need to have the whole top team in Seattle and run it out of there," George said.<h2 id="aa7aebc2-c476-4c9a-bb7f-bef3296a434a">Rebuilding trust with employees</h2>Rosalind Franklin, a partner in the global leadership consulting practice at the executive search firm Boyden, told BI that to build trust and be most effective, Ortberg needs to sound a note that is "both vulnerable and yet strong" without being deceptive.She said that means being open about "the hurt" that the company's recent decision to <a target="_blank" href="https://www.businessinsider.com/boeing-layoffs-strike-777x-delay-freighter-2024-10">cut 10% of its workforce</a> will cause. Ortberg needs to "communicate honesty and acknowledge the fact that this is a really difficult time for the company," Franklin said."When you feel that the CEO is with you, and the CEO is feeling your pain, it makes it more tolerable and provides hope for the future," Franklin said.The need to <a target="_blank" href="https://www.businessinsider.com/top-business-execs-trending-insights-ai-worker-well-being-roundtable-2024-9">convey empathy</a> is greater than before the pandemic, she said, because many workers have come to expect more from their leaders.Franklin said that doesn't mean shying away from tough decisions."You can't give up what you know you need to do. It's not what you do, it's how you do it," she said.<h2 id="8c691d8b-13f0-4c1e-afad-b5a3768d68d2">Leading from the front</h2>Jeffrey Sonnenfeld, senior associate dean for leadership studies at Yale School of Management, told BI that "usually, the advice we would give someone is not to do too much too soon."In this case, he said, Ortberg doesn't have much choice but to try to fix the problems with labor, with the company's "precarious" financial situation, and with regulators' concerns.Sonnenfeld, who's also the founder of Yale's Chief Executive Leadership Institute, said the task before Ortberg is similar to those once faced by General Motors CEO Mary Barra and Alan Mulally, the former chief at Ford who once ran Boeing's commercial division.Like Boeing, Sonnenfeld said, both GM and Ford are complicated industrial businesses that sit prominently in the public eye. When the automakers' respective CEOs had to wrest their companies from crises, both made "really bold" public statements and were highly visible, he said."They banked a lot on the character of leadership and demonstrated it with accountability and visibility with really good follow-up," Sonnenfeld said.In his letter, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">Ortberg encouraged senior leaders</a> to close the distance between those in management and those closest to the manufacturing process. "We need to be on the factory floors, in the back shops and in our engineering labs," he wrote.That type of leadership "shows an accountability, shows an accessibility," Sonnenfeld said. "It shows a transparent and less formal style, and that's long past due."<h2 id="3996aed0-3075-47ab-98f6-3c71139b4c7c">A clear plan for the future</h2>George, the former Medtronic chief, said one step Ortberg could take to start restoring confidence and getting people excited about the future would be to announce a program for a new single-aisle aircraft redesigned from scratch."I think he must do that," George said.A new aircraft could leapfrog older designs that he said haven't kept pace with advances in jet engine and avionics in recent decades.Ortberg alluded to such a future in his letter. He wrote that the company has to fix its balance sheet "so that we do have a path to the next commercial aircraft."Richard Aboulafia, an aviation industry analyst who's a managing director at AeroDynamic Advisory, told BI that it's essential to talk about what's coming. He said Ortberg also needs to make clear that the planned job cuts won't compromise safety, add to delays in the company's defense business, or shortchange future product development."He has to reassure investors and everyone else that the situation is stable and also reassure the industry that they're prepared to invest in the future," Aboulafia said. "It's tough to thread that needle."

Boeing's new CEO is taking on the ultimate management test

<div type="image" title="Are Indians depositing less money in banks, or more in mutual funds? Turns out, it&amp;#39;s neither of those." msid="113663806" hostid="261" sizebytes="1121785"></div> Over the past few months, there’s been a lot of brouhaha about the lagging pace of <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialisation of <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> in the country or the rising preference of Indians towards <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by Franklin Templeton, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are household deposits really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. <div type="image" title="Yes, household deposits (as % of total deposits) have dipped, but the drop is far from significant" msid="113663882" hostid="261" sizebytes="306706"></div> Also, we can’t forego the fact that the share of Indian households in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and <keyword id="114757" type="General" weightage="20" keywordseo="savings-account" source="Orion">savings account</keyword> deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (Central Board of Direct Taxes) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of Securities Transaction Tax (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword>, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in <keyword id="19998084" type="General" weightage="100" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the Fed recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next MPC (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day. Do you have insights or personal experience to share on your personal finances or money? Contact us at <a target="_blank" class="c-link" href="mailto:businessinsider@timesinternet.in">businessinsider@timesinternet.in</a>.

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

We live in a world where hustle-culture has been over-glorified by companies. Even though recent studies have shown that the new generation prioritises <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> over a bigger pay cheque, the situation is far from changing. Most companies, especially in India, still follow a rigid 9-5 schedule and often tend to overwork their employees to the extent that they sometimes affect their physical and mental health. A grave case has now surfaced where a 26-year-old employee allegedly passed away due to immense <keyword id="21000002" type="General" weightage="20" keywordseo="work-pressure" source="keywords">work pressure</keyword>. The woman, named <keyword id="23214242" type="General" weightage="20" keywordseo="Anna-Sebastian-Perayil" source="keywords">Anna Sebastian Perayil</keyword>, was a <keyword id="20065808" type="General" weightage="20" keywordseo="Chartered-Accountant" source="keywords">Chartered Accountant</keyword> who had joined EY in March this year. This was her first job. Her mother, in a letter to the company, expressed her sorrow at losing her daughter and said that she passed away due to immense work pressure. The letter has now gone viral on LinkedIn and people are reacting strongly to the news, calling to end the glorification of hustle culture. <h2>26-year-old dies, mother blames work stress </h2>In her letter to the company, Anna’s mother begins by writing that the young employee passed her CA Exams in November 2023 and joined the company in March this year. "She was full of life, dreams and excitement for the future," she added. She then writes how Anna was thrilled to be a part of the company but passed away four months later, on July 20. "My world collapsed when I received the devastating news," she wrote. In the letter, Anna's mother further explained how the work culture at EY is extremely toxic and that they burden newcomers with "backbreaking" tasks. She added that Anna experienced "anxiety, sleeplessness, and stress" soon after starting her new job. She also added how Anna was working even on the day of her convocation and insisted on getting back to work after they took her to a doctor after she complained of chest pain. "Since she had been complaining of chest constriction upon reaching her PG late at night for the past week, we took her to the hospital in Pune. Her ECG was normal and the cardiologist came to allay our fears, telling us she wasn't getting enough sleep and was eating very late." Anna's mother added that her manager would "reschedule meetings during cricket matches and assign her work at the end of the day." When Anna voiced her concerns, she was told that working late at night is something they all do. “Anna would return to her room utterly exhausted, sometimes collapsing on the bed without even changing her clothes, only to be bombarded with messages asking for more reports. She was putting in her best efforts, working very hard to meet the deadlines. She was a fighter to the core, not someone to give up easily. We told her to quit, but she wanted to learn and gain new exposure. However, the overwhelming pressure proved too much even for her,” the letter read. <h2>'No one attended her funeral'</h2> In addition to this, Anna's mother also wrote that nobody came to attend her funeral. The letter read, “ This absence at such a critical moment, for an employee who gave her all to your organization until her last breath, is deeply hurtful. Anna deserved better, and so do all the employees who continue to work under these conditions. "My heart aches not just for the loss of my child but also for the lack of empathy shown by those who were supposed to guide and support her. After her funeral, I reached out to her managers, but I received no reply. How can a company that speaks of values and human rights fail to show up for one of its own in their final moments?” <h2>Internet reactions</h2>The internet is reacting strongly to the news and various people have been sharing the letter with their own opinion. “Few managers really need to google the word HUMILITY and incorporate it into their lives. They are already destroying young Indian careers with toxicity, incompetence, and a lack of people management skills,” wrote Manisha Yadav, a CA finalist. “I hope people who did this to you get punished and shamed. I request everyone please take care of yourself, protect yourself. No Job is worth exploiting your mental and physical health,” wrote Fathima Shahjahan, an HR professional. “Very heart breaking to see young professional Anna Sebastian Perayil leaving us! We live in a world where it is difficult to be mentally strong as some things can worry us, affect us and hurt us,” wrote Prabhdeep Singh Baweja, a senior level employee at The Institute of Chartered Accountants of India

'The pressure became too much for her': Mother blames 'work stress' for 26-year-old EY employee's death

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor <keyword id="19918795" type="General" weightage="20" keywordseo="Swaminathan" source="keywords">Swaminathan</keyword> J on Wednesday said implementation of <keyword id="22784242" type="General" weightage="100" keywordseo="risk-based-premium" source="keywords">risk-based premium</keyword> for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> merits consideration as it will ensure that institutions with higher risk profiles contribute more to the insurance fund. Speaking at a conference in Jaipur, he also said that as the financial sector becomes more digitised, deposit insurers must work closely with regulators and supervisors to strengthen oversight mechanisms. This includes regularly updating <keyword id="19946068" type="General" weightage="20" keywordseo="regulatory-frameworks" source="keywords">regulatory frameworks</keyword> to incorporate emerging risks associated with <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword>, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword>, and <keyword id="22180855" type="General" weightage="20" keywordseo="fintech-innovations" source="keywords">fintech innovations</keyword>. By adopting a proactive stance, deposit insurers can help ensure that <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> under their purview are adequately prepared to manage these risks, thereby safeguarding depositor confidence. Swaminathan was addressing the International Conference of the International Association of Deposit Insurers- Asia Pacific Regional Committee (IADI-APRC) hosted by the Deposit Insurance Credit Guarantee Corporation (DICGC). He further said the implementation of risk-based premium for deposit insurance "merits consideration". "By tying insurance premiums to the level of risk posed by individual financial institutions, deposit insurers can incentivize banks to adopt stronger risk management practices. "This approach not only enhances the overall stability of the financial system but also ensures that institutions with higher risk profiles contribute more to the insurance fund," the deputy governor said. He also emphasised that deposit insurers can further mitigate technology risks by relying on supervisory rating assessments that incorporate evaluation of a financial institution's technological and operational resilience. By using these assessments as a basis for setting insurance premiums or determining intervention strategies, deposit insurers can ensure that their actions are informed by a comprehensive understanding of each institution's risk profile, Swaminathan added. The senior <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> official also asked deposit insurers to prioritise crisis preparedness and develop comprehensive contingency plans that account for technology-induced disruptions. This includes conducting regular stress tests and simulations to assess the potential impact of cyber incidents or fintech failures on financial institutions and the broader financial system, he said. The evolving technological landscape presents both significant challenges and opportunities for deposit insurers. By adopting a proactive, risk-based approach, including enhanced oversight, risk-based premiums, reliance on supervisory ratings, faster claim settlements, and industry collaboration, deposit insurers can effectively manage these risks, the deputy governor said.

Risk-based premium for deposit insurance merits consideration: RBI Deputy Governor Swaminathan

New Delhi: The central government has approved the appointment of a new Chairman and <keyword id="19899229" type="General" weightage="20" keywordseo="Managing-Director" source="keywords">Managing Director</keyword> of the <keyword id="19934368" type="General" weightage="100" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) as the current Chairman, <keyword id="20944427" type="General" weightage="20" keywordseo="Dinesh-Kumar-Khara" source="keywords">Dinesh Kumar Khara</keyword>, is set to retire on August 28. According to a notification by the Department of Personnel &amp; Training, the Appointments Committee of the Cabinet (ACC) on August 6 approved the proposal of the Department of Financial Services for the appointment of <keyword id="22230591" type="General" weightage="20" keywordseo="Challa-Sreenivasulu-Setty" source="keywords">Challa Sreenivasulu Setty</keyword> as chairman of SBI. The ACC has approved the appointment of Setty, 59, the current Managing Director (MD) of SBI as the new Chairman of the country's biggest lender, for a period of three years, effective from the date he assumes office, on or after August 28, 2024. The government order states, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment of Shri Challa Sreenivasulu Setty (DOB: 26.09.1965), Managing Director (MD), State Bank of India (SBI) as Chairman, SBI for a period of three (03) years w.e.f. the date of assumption of charge of the office, on or after 28.08.2024." Additionally, Rana Ashutosh Kumar Singh, the current Deputy Managing Director (DMD) of SBI, has been appointed as the new Managing Director. His appointment will take effect from the date he assumes office. The government order read, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (DMD), State Bank of India (SBI) as Managing Director (MD) in SBI with effect from the date of assumption of office." According to SBI, Challa Sreenivasulu Setty joined the Board of SBI as Managing Director in January 2020 and currently oversees International Banking, Global Markets, and Technology wings of the Bank. He has previously headed the Retail &amp; Digital Banking vertical and various task forces/committees formed by the Government of India. Setty holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers. He began his career with SBI in 1988 as a Probationary Officer. Over his three-decade-long career, he has gained rich experience in corporate credit, retail, digital, and international banking, as well as banking in developed markets. Setty has also held key positions within SBI, including Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager, and General Manager in the Corporate Accounts Group, Deputy General Manager in the Mid-Corporate Group, and Vice President &amp; Head (Syndications) at SBI's New York Branch. (ANI)

Centre approves appointments of new Chairman, Managing Director of State Bank of India

The next time you join a new organisation, closely look at its reporting hierarchy. Do you have a mid-level manager to report to, or do you have a direct line to the senior executives? If your answer is the latter, you’re most likely part of an organisation that has “unbossed” itself. Many companies, like life sciences behemoths Bayers and Novartis, have recently hopped onto this un-bossing trend. Closer home, Wipro reportedly laid off many of its middle <keyword id="20235360" type="General" weightage="20" keywordseo="management" source="keywords">management</keyword> employees recently. The IT major is said to have undergone a major un-bossing, even though the main purpose of the exercise was to improve efficiency. So, what is this un-bossing trend all about, and how are Indian companies taking up to it? And most importantly, will it do anyone good? Let's find out. <cmsannotation type="cmsannotation" annotationid="What does Gen-Z want?" comment="subhead" text="What does Gen-Z want?">What does <keyword id="20334202" type="General" weightage="20" keywordseo="Gen-Z" source="keywords">Gen-Z</keyword> want?</cmsannotation> A recent report by the World Economic Forum (WEF) estimates that by 2025, Gen-Z (born after 1996) will account for 27% of the global workforce. While there are no official figures, a young country like India is expected to have an even higher proportion of Gen-Z workforce, with estimates suggesting 25 crore as against roughly 40 crore <keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">millennials</keyword> (those born between 1981 and 1996). While the numbers might not be far apart, their work priorities certainly are. For millennials, it has traditionally been about job stability and steadily climbing the corporate ladder. But for Gen-Z, purpose, <keyword id="19986702" type="General" weightage="20" keywordseo="flexibility" source="keywords">flexibility</keyword>, respect at their jobs and a solid work-life balance are key. They are not lured into simply jumping the corporate ranks. As more companies make way for younger blood in offices, millennials are confronted with a unique, almost existential challenge. With Gen-Z embracing newer tech, remote working and prioritising flexibility and respect at work, corporations are increasingly doing away with <keyword id="22056604" type="General" weightage="20" keywordseo="mid-level-managers" source="keywords">mid-level managers</keyword>, mostly millennials. Even in 2022, millennials were also the hardest hit during <a href="https://www.businessinsider.in/policy/economy/news/millennials-won-the-great-resignation-now-theyre-losing-the-big-firing-/articleshow/94076963.cms">the Great Firing Phase</a> as well. Sanchita Tuli, director of <keyword id="6393327" type="General" weightage="20" keywordseo="Human-Resources" source="Orion">Human Resources</keyword> at Great Lakes Institute of Management notes that un-bossing is a natural progression, as more organisations will eventually move towards developing flatter reporting hierarchies. “However, it remains pertinent only to limited industries, like technology, where changes are dynamic and quick. Un-bossing will be nearly impossible in certain industries like education, where one will always need a certain degree of experience to handle higher-order roles. Another industry where un-bossing will not take place is hospitality, where they would be needed to drive daily operations,” she explains. <cmsannotation type="cmsannotation" annotationid="Bye-Bye mentorship?" comment="subhead" text="Bye-Bye mentorship?">Bye-Bye <keyword id="20874153" type="General" weightage="20" keywordseo="mentorship" source="keywords">mentorship</keyword>?</cmsannotation> What about mentorship and the handholding done by these mid-level managers, which is so crucial during the initial years of one’s career? "Gen Zers are new to the world of work, and they do really need managers to help them find the ropes. Ultimately, eliminating this kind of middle management position means less guidance, less coaching, and less mentoring, which I feel like is still desperately needed in a post-COVID world," <a href="https://www.businessinsider.in/careers/news/companies-are-unbossing-workplace-culture-and-millennials-are-in-the-firing-line/articleshow/110311358.cms">says</a> Shoshanna Davis, the founder of Fairy Job Mother to Business Insider. Tuli, however, believes that the new generation could also benefit from un-bossing. She believed that the trend offers scope for new talent to access <keyword id="22056605" type="General" weightage="20" keywordseo="cross-functional-guidance" source="Orion">cross-functional guidance</keyword> and mentorship, both within the organisation and online as well. In fact, many organisations are increasingly engaging industry professionals to take up training and mentoring sessions for their young, incoming talent. This could benefit the younger lot by motivating them to take on initiatives and action, all on their own. Zoomers are already unenthused by management. They are the generation that coined the term "<a href="https://www.businessinsider.com/lazy-girl-job-trend-tiktok-explained-defending-low-stress-work-2023-7">lazy-girl jobs</a>" and strongly believe in the benefits of "<a href="https://www.businessinsider.com/gen-z-quiet-quitting-work-ethic-millennials-money-struggles-2023-10">quiet quitting</a>." And at the end of the day, solid managers will always be in demand. As per a 2022 report by ThoughtExchange, around 79% of Indian youngsters prioritise having a supportive manager, who is equally invested in their personal growth and professional development while working. For most parts, Gen-Z merely wants to boot out micromanagement and workplace toxicity, something that has come to be deeply associated with mid-level management. Clearly, the role, which was earlier simply a link between fresh talent and senior management, is in need of a rehaul. <cmsannotation type="cmsannotation" annotationid="Don't be a boss, be a leader" comment="subhead" text="Don't be a boss, be a leader">Don't be a boss, be a leader </cmsannotation>To buck this trend, mid-level managers will need to be more agile and adaptable to the changing times. In other words, they need to be as un-bossy as possible. That the oldest, most experienced member of the lot will necessarily also be the wisest is a notion that should be retired. Mid-managers need to be facilitators, and not mere bosses dictating the job. As Tuli states, mid- managers will need to work on fostering a safe and positive workplace culture, where experience, constructive feedback, and new perspectives find equal value and voice.

The 2024 Great Unbossing — Desi Edition: How is global trend of firing mid-level managers taking shape in India

<ul class="summary-list"><li>There's a growing demand for luxury short-term rentals — and people to oversee these properties.</li><li>Property-management jobs are expected to grow faster than average in the next decade.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/renting-housing-market-home-ownership-mortgages-affordability-real-estate-2024-5">growing trend of "forever renters"</a> — people who expect to rent properties for their entire lives rather than owning any — is contributing to an <a target="_blank" class="" href="https://www.businessinsider.com/super-luxury-apartments-rent-rentals-2024-7">uptick in demand for luxury rentals</a>.With more renters and travelers seeking luxury vacation rentals, in particular, property managers are needed to vet renters or overnight guests, collect rents, and maintain properties. The US Bureau of Labor Statistics has reported that <a target="_blank" class="" href="https://www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm">property-management jobs are expected to grow faster</a> than the average rate for all vocations through 2032.Business Insider talked to two property managers about breaking into managing short-term vacation property and residential rentals, as well as the industry's future.<h2 id="4da1d8db-c598-4fc1-8ef2-fc3a95024bdf">What skills are needed for property management</h2>Karen Hatcher, the CEO of <a target="_blank" href="http://www.sovereignrm.com/">Sovereign Realty &amp; Management</a>, manages rentals across metro Atlanta. Before starting the company, Hatcher worked in corporate sales, but after seeing her now-husband successfully flip homes, she got her real-estate license and eventually began managing properties.<div type="image" title="A headshot of Karen Hatcher wearing a purple dress and sitting behind a desk." height="3484" width="5219" msid="112574747" hostid="261" sizebytes="309112"></div>Although a four-year degree or certification isn't required, one state may have different requirements than another. In Georgia, property managers don't have to be licensed but must work with a licensed broker, Hatcher said.She also said newcomers to real estate and property management should consider joining the <a target="_blank" href="https://www.irem.org/">Institute of Real Estate Management</a>, which offers continuing education, skills classes, and networking. There are also a few industries that Hatcher said people may have an easier time transitioning from."Accounting or finance backgrounds provide a strong foundation because they focus on budgeting, financial analysis, and cash-flow management — all crucial for managing rental income and expenses," she said. "Sales experience is equally valuable, as property managers market vacancies, showcase properties, and negotiate leases."Jobs with many moving parts, customer-service experience, and marketing roles also provide "a great launching pad" for breaking into property management, she added.Rebekah Boley, the founder and CEO of <a target="_blank" href="https://hotelhomestays.com/hotelhomestays">Hotel Home Stays</a>, an Arizona-based company that manages vacation rentals, got into her industry after purchasing a campground in Charlotte, North Carolina, and turning it into a <a target="_blank" class="" href="https://www.businessinsider.com/hilton-points-autocamp-airstream-glamping-camping-rv-resorts-2024-4">glamping resort</a>.Unhappy with the service from the property-management company, Boley decided to develop her own, which has grown to include properties across the US. Boley said that having real-estate knowledge was a huge plus for prospective property managers."If you have a background in real estate, design, or contracting, you may have an advantage," she said. "Some soft skills required for this job are being organized, paying close attention to detail, knowing how to multitask, and being personable. It's also important to know that you may not have many days off."<div type="image" title="A headshot of Rebekah Boley wearing a white, pink, and orange-patterned shirt and sitting on a staircase." height="1056" width="1696" msid="112574746" hostid="261" sizebytes="95332"></div><h2 id="60dfb6ba-b1ea-4489-b1c9-75ec2054fcd6">What to expect on the job</h2>No two days are exactly alike, Hatcher said, but she consistently responds to owner emails, reviews new leases, and meets with her team, which is in charge of fielding rental inquiries, conducting screenings, and coordinating move-ins and move-outs."While my team handles the front lines, I'm focused on the bigger picture. As CEO, I'm constantly analyzing our portfolio's performance, from occupancy rates to financials," she said. "I review market trends, adjust strategies as needed, and set goals to ensure we hit our targets. Training is also a regular part of my week, and staying up to date on the latest rental laws, technologies, and best practices is vital."Boley said her work is usually more behind the scenes and that, like Hatcher, her typical day involves a lot of communication."Because the vacation-rental industry changes constantly, I'm always working on pricing and availability, making sure that the dynamic pricing is correct," she said. "My staff is also busy submitting insurance claims for damages or communicating with contractors."<h2 id="fcd8fe3a-0359-42af-a59f-6f46689f634d">The rewards of property management</h2>Two of the biggest benefits property management can offer are great flexibility and a high earning potential. Property managers are usually paid a salary plus <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-agent-discusses-new-home-buying-rules-housing-market-2024-4">commission</a>, an agreed-upon percentage of a monthly rental or nightly fee. Hatcher said another benefit was helping her property owners maximize profits, whether for retirement or long-term wealth creation."There's immense satisfaction in knowing that my work directly contributes to a client's financial security, whether through aggressive lease marketing, stringent expense control, or proactive maintenance," she said. "Seeing the positive results roll in is incredibly fulfilling."Managing residential properties is different from managing vacation rentals because of the turnover rate. Vacation-property managers have to deal with the owner's expectations, but they also interact with guests expecting a certain level of customer service, which Boley said could be rewarding."Vacation-rental-property managers can make a decent income if their homes are making over $10K per month," Boley said. "Although income is rewarding, it's just as rewarding to see amazing reviews from guests who have loved their stay and sing our praises."<h2 id="fb37852a-437e-45fb-89d4-fa3dad5a9a0b">The challenges of property management</h2>The industry has its challenges because of the high level of personal interaction, Hatcher said, but implementing efficient systems can reduce some of the biggest problems, like squatting and <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/mortgages/mortgage-fraud">application scams</a>, and help attract and onboard quality renters. Property management also requires professionals to be "on it" at all times, she added."You're dealing with people's homes, offices, or businesses, which is very personal to them," Hatcher said. "It requires amazing customer service, conflict-resolution skills, lots of follow-up, and the ability to prioritize many tasks. It's this mix of behind-the-scenes process work and frontline, hands-on management."If you're getting into managing vacation rentals, the challenges are a bit different, as there are fluctuations that correspond with seasons, events, and weather. To succeed, you have to know the vacation market and keep up with the regulations around vacation rentals, Boley said."Vacation rentals are a niche market, and to perform at the top, you have to work extraordinarily hard," she said. "Most vacation rentals make less than $5,000 a month, so we focus on just the top luxury properties. You also have to ensure your product is in line with client expectations. Because the definition of 'luxury' is always changing in the market, there is an ongoing need to revamp and step it up."<h2 id="890f4c5b-b999-4a52-a2e5-cf17fe65ac92">The future of property management</h2>Boley said the growth of the vacation-rental market took off during COVID -19 shutdowns as people realized the value of a <a target="_blank" class="" href="https://www.businessinsider.com/vacation-home-primary-residence-family-benefits-2024-2">vacation home</a>, and many booked one for the first time. However, she said the future of luxury vacation rentals depended on the location and the freedom for landlords to rent out their properties."If cities continue to shut down the ability for people to operate vacation rentals, then the industry won't last," she said. "However, with more oversight and protection for guests, the industry will continue to grow and improve with time."Hatcher is confident that the residential-property-management industry will continue to grow, fueled by the growing history of rental properties as profitable investments and landlords' desire to delegate the work around increasingly complex regulations for rental properties."In Atlanta, the opportunities seem endless. The city's thriving economy, fueled by industries like film and technology, is drawing new residents and investors," Hatcher said. "This creates a high demand for quality rental properties and, by extension, skilled property management."She added, "Rental housing is becoming a larger share of the overall housing stock, and property managers will be needed to oversee these portfolios."

A career in property management is looking more desirable as renters and travelers opt for luxury living

Our experts answer readers' banking questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards#rating-banking-products" class="not-content-link" target="_blank">here's how we assess banking products</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>; however, our opinions are our own. Terms apply to offers listed on this page.SaveBetter - Product Name Only is a great option if your ultimate goal is to earn the <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now">best savings account</a>, money market account, and CD rates out there. Raisin offers APYs of Raisin - APY. It's a marketplace that connects you with accounts you might not be able to access otherwise, including ones at community-driven and minority-owned institutions. You'll also earn higher rates than if you opened an account directly through one of its partner banks.Popular Raisin Offers<table style="border-collapse: collapse; width: 100%; height: 380px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 34.1558%; text-align: center; height: 22px;">Account</td><td style="width: 29.6754%; text-align: center; height: 22px;">APY</td></tr><tr style="height: 22px;"><td style="width: 34.1558%; height: 22px;">Quontic Bank 5 Month CD - Product Name Only</td><td style="width: 29.6754%; height: 22px;">Quontic Bank 5 Month CD - APY</td></tr><tr style="height: 45px;"><td style="width: 34.1558%; height: 45px;">Western Alliance Bank 6 Month CD - Product Name Only</td><td style="width: 29.6754%; height: 45px;">Western Alliance Bank 6 Month CD - APY</td></tr><tr style="height: 45px;"><td style="width: 34.1558%; height: 45px;">Western Alliance Bank 1 Year CD - Product Name Only</td><td style="width: 29.6754%; height: 45px;">Western Alliance Bank 1 Year CD - APY</td></tr><tr style="height: 22px;"><td style="width: 34.1558%; height: 22px;">Sallie Mae 14 Month CD - Product Name Only</td><td style="width: 29.6754%; height: 22px;">Sallie Mae 14 Month CD - APY</td></tr><tr><td style="width: 34.1558%;"> OptimumBank 5 Month No Penalty CD - Product Name Only</td><td style="width: 29.6754%;"> OptimumBank 5 Month No Penalty CD - APY</td></tr><tr style="height: 45px;"><td style="width: 34.1558%; height: 45px;">Customers Bank High Yield Savings Account - Product Name Only</td><td style="width: 29.6754%; height: 45px;">Customers Bank High Yield Savings Account - APY</td></tr><tr style="height: 45px;"><td style="width: 34.1558%; height: 45px;">Ponce Bank Money Market Deposit Account - Product Name Only</td><td style="width: 29.6754%; height: 45px;">Ponce Bank Money Market Deposit Account - APY</td></tr><tr style="height: 22px;"><td style="width: 34.1558%; text-align: center; height: 22px;" colspan="2">Compare all Raisin - Product Name Only</td></tr></tbody></table><h2>About Raisin</h2>Raisin is a digital marketplace for finding high-yield accounts. It partners with banks and credit unions to offer you special interest rates if you open an account through Raisin rather than directly on the partner banks' websites.Raisin has been providing a similar high-yield savings account marketplace in Europe. It works with over 400 banks and has more than 1 million direct customers. It started providing services in the U.S. through SaveBetter, and SaveBetter has now officially rebranded as Raisin.Raisin is not a good choice if you want immediate access to your savings, though — it doesn't offer checking accounts, so you'll need to keep a checking account at another institution and make transfers between banks, which could take up to a few business days.<h3>Raisin Pros and Cons</h3>ProsOne of the primary benefits of using Raisin is that you'll be able to find a variety of savings accounts, money market accounts, and CDs with high interest rates. Many of these rates are exclusive options, and the rates are higher than what you would find if you opened an account directly from a participating bank's website. Raisin also stands out for its opening requirements. There's a SaveBetter - Minimum Deposit minimum opening deposit and Raisin - Fees Display for all accounts. At traditional financial institutions, you may need to be mindful of <a href="https://www.businessinsider.com/personal-finance/monthly-bank-maintenance-fee">monthly bank maintenance fees</a> or higher minimum opening requirements.ConsRaisin offers several <a href="https://www.businessinsider.com/personal-finance/types-of-savings-accounts">types of savings accounts</a>, but it doesn't offer any checking or business bank accounts. As a result, if you transfer money to an external account, it may take one to three business days to process. Because you're not directly banking with a financial institution, there are also a couple of unique downsides. For example, Raisin doesn't let you receive direct deposits or make cash deposits. You also can't connect your selected savings accounts to a third-party budgeting app like Rocket Money - Product Name Only or YNAB App - Product Name Only.Raisin also has poor mobile app ratings on both the Apple Store and Google Play Store. That said, there are fewer than 60 reviews on each mobile app. <h3>Raisin Partner Banks and Credit Unions</h3>Raisin partners with multiple banks and credit unions, including <a href="https://www.businessinsider.com/personal-finance/sallie-mae-bank-review">Sallie Mae</a>, Mission Valley Bank, SkyOne Federal Credit Union, and more. Raisin can change partner companies at any time.Many of the institutions are less well-known companies — but the good news is that your money is still safe with these less popular brands. You have <a href="https://www.businessinsider.com/personal-finance/fdic">FDIC</a> insurance for banks (or <a href="https://www.businessinsider.com/personal-finance/how-ncua-insurance-works-credit-union">NCUA insurance</a> with credit unions) when you open accounts through Raisin. This means up to $250,000 is safe in an individual account, and $500,000 in a joint account.Credit unions require you to become a member to open an account, and membership is usually only available to employees of certain companies or residents of specific counties. But when you open a credit union account through Raisin, you simply have to sign a membership agreement, and you'll qualify without having to pay any membership fees.Some of the partner bank accounts are available nationwide, but you'll earn a higher rate through Raisin. Others are usually only available in certain areas, but they're available around the U.S. through Raisin.The marketplace gives you the chance to earn high interest rates with the added bonus of working with institutions whose values you support. For example, Ponce Bank is certified as a <a href="https://www.businessinsider.com/personal-finance/what-is-community-development-financial-institution-cdfi">community development financial institution (CDFI)</a>, meaning it serves a local disadvantaged community. It's also a <a href="https://www.businessinsider.com/personal-finance/hispanic-american-owned-banks-credit-unions">Hispanic-American owned bank</a>. When you're searching for accounts, Raisin lets you filter by the type of institution you want, such as minority-led, family-owned, or one with a local focus.Once you deposit money into your account through Raisin, it's held in an omnibus custodial account at the partner bank. The custodial account is managed by <a href="https://lewisandclarkbank.com/" target="_blank" rel="noopener">Lewis &amp; Clark Bank</a>, which is the custodian bank. When your funds are in a custodial account, the money is pooled with deposits from other Raisin customers.Custodial accounts make it possible for Raisin to deposit money to separate banks, but they do come with drawbacks. The main downside is that it's a little difficult to access your savings. To deposit or withdraw money, you must link your Raisin account to an external account, then transfer money between the accounts. These transfers typically take one to three business days. So you'd always want to keep a checking account at a separate bank for these transfers.<h3>Raisin Customer Support</h3>To contact customer service, call Monday through Friday from 9 a.m. to 4 p.m. ET. You can also send an email or use automated chat on the website.Some Redditor users have said they've experienced long wait times to receive customer support, though. Traditional banks and credit unions may offer more customer service availability. Some <a href="https://www.businessinsider.com/personal-finance/banks-with-24-7-customer-support">banks have 24/7 customer support</a> through online chat or telephone.Raisin is rated 2.0 out of 5 stars in the Apple store, and 3.1 out of 5 stars in the Google Play store. However, there are fewer than 60 reviews on each mobile app. <h2>Is Raisin Trustworthy?</h2>The Better Business Bureau grades companies based on responses to customer complaints, transparency about business practices, government actions against the businesses, and more. The BBB gives Raisin a <a href="https://www.bbb.org/us/ny/new-york/profile/financial-technology/savebetter-0121-87158609" target="_blank" rel="noopener">B+ grade</a> because there are several complaints against the company on the BBB website.Raisin does not have any public controversies.It can be good to read customer reviews or talk with friends and family who have used Raisin to get a better idea of what your experience could be like. You also may want to look into the BBB grade and customer reviews for a partner bank you're considering using through Raisin. <h2>Raisin High-yield Accounts</h2><h3>Raisin High-yield Savings and Money Market Accounts</h3>The <a href="https://www.businessinsider.com/personal-finance/average-savings-account-interest-rate">average savings account interest rate</a> nationwide is just FDIC National Deposit Savings Rates - APY APY. Many savings accounts at national banks charge monthly fees if you don't qualify to waive them. You'll earn significantly more through Raisin's partner savings and money market accounts, and you won't pay monthly fees.Let's say you leave $10,000 in a savings account untouched. At a traditional bank that pays 0.05% APY compounded daily, you'd earn $5 in one year (which might be cancelled out by how much you pay in monthly fees). Maybe you open an account with Raisin that pays 5.00% APY. In one year, you'd earn $512.67 on that $10,000.<h3>Raisin Fixed-Rate CDs</h3>Savings and <a href="https://www.businessinsider.com/personal-finance/best-money-market-accounts">money market accounts</a> have variable interest rates, so rates can fluctuate at any time. But CDs have fixed rates, meaning that if you open a 1-year CD with a 5% APY, that rate is set in stone and you'll earn 5% for the entire year.There are other benefits to opening a fixed-rate CD through Raisin besides a higher rate. First, you may have access to a term length (say two months or nine months) that isn't available directly through the bank. Second, you only need $1 to open a CD through Raisin, regardless of which partner bank you choose. CDs typically require hundreds or even thousands to open an account. For example, you would normally need Sallie Mae CD - Minimum Deposit to open a CD with Sallie Mae, but you only need Raisin - Minimum Deposit to open a Sallie Mae CD - Product Name Only with Raisin.Keep in mind that you will have to pay an <a href="https://www.businessinsider.com/personal-finance/cd-early-withdrawal-penalties">early withdrawal penalty</a> if you take out money before the term ends. When searching for fixed-rate CDs on the Raisin website, click on "product terms" next to the CD you're considering to see what that fee would be.<h3>Raisin No-Penalty CDs</h3>Unlike regular CDs, <a href="https://www.businessinsider.com/personal-finance/best-no-penalty-cds">no-penalty CDs</a> do not charge you for taking out money before a term ends. Most banks require you to take out all the money in one lump sum, though.No-penalty CDs aren't super common, so it's nice that Raisin gives you even more options than you may find elsewhere.<h2>Alternatives to Raisin</h2><h3>Raisin vs. Ally</h3>If you're searching for the highest savings rates, Raisin will likely stand out more than Ally. Raisin has savings accounts, money market accounts, and CDs from a variety of banks and credit unions that pay more than any of Ally's bank accounts. Although Raisin has partnerships with many banks, your overall banking options and services are still limited. Raisin doesn't offer checking accounts or access to other types of products like credit cards or loans.If you're looking to do all your banking with one financial institution, Ally is a great option. Ally is one of the <a href="https://www.businessinsider.com/personal-finance/best-online-banks">best online banks</a>, and it has minimal fees and easy opening requirements for a variety of products.Ally is also faster and makes it easier to access your money. You can simply transfer money between the bank's checking and savings accounts and see the change almost instantly. <a href="https://www.businessinsider.com/personal-finance/ally-bank-review">Ally Bank Review</a><h3>Raisin vs. Popular Direct</h3>Raisin and the online bank Popular Direct both offer some of the <a href="https://www.businessinsider.com/personal-finance/who-has-the-best-cd-rates-right-now">best CD rates</a> and savings account rates overall, so deciding between the two companies may ultimately depend on the account you want and how much you plan to deposit upfront. Raisin may be a better choice if are looking for accounts with low minimum opening requirements – you only need Raisin - Minimum Deposit to get started. Meanwhile, Popular Direct has pretty steep opening requirements for an online bank. You'll need Popular Direct Savings - Minimum Deposit to open a savings account and Popular Direct CD - Minimum Deposit to open a CD.Popular Direct offers a checking account though, which Raisin doesn't offer. Hence, you may prefer Popular Direct if you want more direct access to your savings. Popular Direct also allows direct deposits, while Raisin does not.<a href="https://www.businessinsider.com/personal-finance/popular-direct-review">Popular Direct Review</a><h2>Raisin FAQs</h2><h3 class="faq-question">Is Raisin legitimate?</h3>Yes, Raisin is a legitimate company. It connects you to bank accounts that are federally insured by the FDIC or NCUA.<h3 class="faq-question">Can I trust Raisin Bank?</h3>Yes, Raisin is a trustworthy service overall. Raisin isn't a bank, it's an online marketplace that connects you with partner banks. Through these partner banks, your money is federally insured by the FDIC or NCUA. The American Institute of CPAs has given Raisin an SOC 2 certification, which means the AICPA has audited Raisin and found that the company has a high level of online security.<h3 class="faq-question">Does Raisin charge a fee?</h3>No, Raisin doesn't charge a membership fee or a monthly bank maintenance fee. You'll only pay a fee if you withdraw money from a CD before the term ends — this is known as an early withdrawal penalty.<h3 class="faq-question">Is Raisin insured?</h3>Yes, accounts you open through Raisin are insured. Accounts at partner banks are federally insured by the FDIC, and ones at partner credit unions are insured by the NCUA.<h3 class="faq-question">Who is Raisin owned by?</h3>Raisin is owned by Raisin GmbH, a logistics firm founded in 2012. Raisin GmbH is based in Berlin, Germany, and owns both Raisin and Raisin UK.<h3 class="faq-question">How do I withdraw money from Raisin?</h3>To withdraw money from Raisin, transfer funds from your Raisin-affiliated account to an external bank account. The transfer will probably take one to three business days.<h3>Why You Should Trust Us: How We Reviewed Raisin Accounts</h3>At Personal Finance Insider, we rate products on a scale from zero to five stars. We use a <a href="https://www.businessinsider.com/personal-finance/how-we-rate-checking-savings-money-market-accounts" rel="">bank account rating methodology</a> that compares and contrasts the features and fine print of various products to help determine if the account may be right for you.For example, we'll look at the minimum opening deposit, interest rate, monthly service fees, customer support availability, mobile app ratings, and ethics of a company to determine the rate for a savings account. For CDs, we'll look at similar criteria. However, we'll factor in early withdrawal penalties and CD variety, and we won't consider monthly service fees since that isn't applicable.

Raisin (SaveBetter) Review: High-Yield Accounts, but are They Trustworthy?

Mumbai, The rupee appreciated 7 paise to settle at 83.30 (provisional) against the US dollar on Friday, following positive cues from equity markets and strong domestic macroeconomic data. Forex analysts said easing crude oil prices in the international markets also favoured the local currency. Global crude price retreated from the level of USD 84 to USD 80 per barrel as oil-producing countries' grouping OPEC+ agreed not to reduce output in 2024, they added. At the interbank foreign exchange, the rupee opened stronger at 83.29 against the dollar and traded between the peak of 83.25 and the lowest level of 83.36 against the American currency intra-day. It finally settled at 83.30 (provisional) against the greenback, registering a gain of 7 paise over the previous close. The rupee settled 5 paise lower at 83.37 against the dollar on Thursday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.19 per cent lower at 103.30 on Friday. Global oil benchmark Brent crude futures declined 0.23 per cent to USD 80.67 per barrel. On the domestic equity market front, Sensex surged 492.75 points, or 0.74 per cent, to settle at 67,481.19 points. The Nifty advanced 134.75 points, or 0.67 per cent, to 20,267.90 points. A monthly survey on Friday said India's manufacturing sector continued with its robust performance in November. The seasonally adjusted S&amp;P Global India Manufacturing Purchasing Managers' Index (PMI) rose to 56 last month from the eight-month low of 55.5 recorded in October. Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 8,147.85 crore, according to exchange data. According to the government data released on Thursday, India's gross domestic product (GDP) growth of 7.6 per cent during July-September beat most estimates, including 6.5 per cent projected by the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>), retaining the country's tag of the world's fastest-growing major economy. Also, another data released simultaneously showed that the output of eight key infrastructure sectors jumped 12.1 per cent in October 2023 against 0.7 per cent expansion in the year-ago period. The government's fiscal deficit at the end of October touched 45 per cent of the full-year budget estimate, as per the data released by the <keyword id="513373" type="General" weightage="80" keywordseo="controller-general-of-accounts" source="Orion">Controller General of Accounts</keyword> (CGA).

Rupee tracks buoyant equity markets, rises 7 paise to 83.3/USD

<ul><li>In recent years, the government's regulatory reforms have attracted increased participation from domestic financial institutions. </li><li>Between 2010 and H1 2023, the sector has seen approximately $12 billion in exits through 267 deals. </li><li><keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">Real estate</keyword>-focused AIFs have become a preferred choice for real estate investments among domestic institutions, UHNWIs, and family offices. </li></ul>The Indian real estate sector, which has been having a positive 2023, is now looking poised for expansion, with the potential to tap into approximately $41 billion in domestic <keyword id="16810461" type="General" weightage="20" keywordseo="institutional-capital" source="Orion">institutional capital</keyword>, as per JLL's report titled 'The rise of domestic capital in Indian real estate'. Over the last decade, the sector has attracted around $57 billion in institutional investments, with a substantial $46 billion of these investments occurring between 2015 and the first half of 2023, accounting for 81% of total investments since 2010. Historically, the Americas were the dominant <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) investors in India, but due to concerns abou a looming recession, their share has significantly decreased from 52% in 2022 to 26% in the first half of 2023. Nevertheless, as <keyword id="6438315" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="Orion">foreign institutional investors</keyword> adopted a more cautious approach, H1 2023 saw an increase in domestic capital, helping to bridge the gap left by the reduction in foreign investments. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment amount ($ million) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2015 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,765 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,624 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2017 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,757 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,418 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,431 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,034 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,011 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,151 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">H1 2023 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,939 </td></tr><tr><td style="border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Source: JLL Capital Markets and Venture Intelligence </td></tr></tbody><tbody></tbody></table> <cmsannotation type="cmsannotation" annotationid="Regulatory reforms and govt initiatives drive investments" comment="Subhead" text="Regulatory reforms and govt initiatives drive investments">Regulatory reforms and govt initiatives drive investments</cmsannotation> The introduction of regulatory changes, including the Real Estate Investment Trusts (<keyword id="11931834" type="General" weightage="20" keywordseo="reits" source="Orion">REITs</keyword>) guidelines in 2014, followed by the Housing for All Mission in 2015, the Real Estate Regulation and Development Act in 2016, the Benami Transactions (Prohibition) Amended Act in 2016, the implementation of the Goods and Services Tax (GST), and relaxation in foreign direct investment (FDI) norms, has significantly stimulated institutional investments in the Indian real estate sector since 2015. In recent years, the government's regulatory reforms have attracted increased participation from domestic financial institutions within the real estate industry. Between 2010 and H1 2023, the sector has seen approximately $12 billion in exits through 267 deals. Notably, domestic investors have played a substantial role in these exits, accounting for 73%, in contrast to the 27% facilitated by foreign investors. The report also highlights that buybacks and secondary sales have been the preferred exit routes, representing 51% and 31% respectively over the past 12 years. Furthermore, the latest REITs have witnessed growing involvement from domestic institutional investors, such as mutual funds and insurance companies, reflecting a rising interest in real estate from these entities, who have taken on anchor investor roles. Says Lata Pillai, senior managing director and head, Capital Markets, India, JLL, “Domestic institutions are growing stronger due to sustained capital inflows enabled by the growing economy and a robust regulatory environment. We anticipate that investments from domestic institutions will become an important source of capital in the real estate sector in the years to come.” <cmsannotation type="cmsannotation" annotationid="Alternative investment funds playing a major role" comment="Subhead" text="Alternative investment funds playing a major role">Alternative investment funds playing a major role</cmsannotation> Real estate-focused alternative investment funds (AIFs) have become a preferred choice for real estate investments among domestic institutions, UHNWIs, and family offices. AIF-II category, as of December 31, 2022, had amassed an impressive $16.5 billion, reflecting a remarkable 91% compound annual growth rate (CAGR) since 2013 when it stood at $427 million. These AIFs injected roughly $16 billion into the real estate sector, significantly enhancing liquidity. <cmsannotation type="cmsannotation" annotationid="Insurance and mutual funds’ opportunity" comment="Subhead" text="Insurance and mutual funds’ opportunity">Insurance and mutual funds’ opportunity</cmsannotation> As of March 31, 2023, life insurance companies had deployed approximately ₹10,867 crore, and general insurance companies about ₹1,845 crore in real estate. These investments are just a fraction of the permissible allocation. Regulatory frameworks create opportunities for substantial long-term capital infusion, with insurance companies holding a potential of around ₹1.65 trillion for real estate investments. Mutual funds also have the opportunity to diversify into real estate, encompassing investments in Real Estate Investment Trusts (REITs) and real estate company shares. However, these investments are capped at 10% of the net asset value (NAV) of the fund. <cmsannotation type="cmsannotation" annotationid="Private wealth can be a game changer" comment="Subhead" text="Private wealth can be a game changer">Private wealth can be a game changer</cmsannotation> The population of ultra-high-net-worth individuals (UHNWIs), those with a net worth exceeding $30 million, is projected to surge by around 40% in the coming years, soaring from 13,627 individuals in 2021 to over 19,000 by 2026. This surge in private wealth signifies a burgeoning segment in India, set to make a significant contribution to private domestic capital investments within the real estate sector.

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