Tolaram family office becomes fund management company, invests based on ESG principles

SINGAPORE (Dec 13): Like all family offices, the Tolaram Group family office, which manages the wealth of the Vaswani , Aswani and Adnani families (collectively the “Tolaram Family”), has its own investment arm. But since obtaining a capital markets services (CMS) licence in February, the Tolaram Group family office has transformed itself into a fund management company called Maitri Asset Management.

The Tolaram Group was founded by the father of its current chairman, Mohan Vaswani, who started a textiles trading business in Indonesia in 1948. Vaswani, who is over 80 years old, oversees the group, which has expanded to running a bank in Indonesia, supplying power in India, producing paper in Estonia and even building a port in Nigeria. The group also has a multinational food production and distribution operation, exporting to more than 75 countries.

Manish Tibrewal, CEO of Maitri, says the family office decided to become a fund management company, as it could offer its investing expertise to other wealthy families. “We thought that it might be a good idea to add value to other families in the region. [This is] either to help them structure [their investments] or provide similar investment [opportunities] because the investment philosophy of the families are similar,” he tells The Edge Singapore in a recent interview.

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