I have invested with Kotak from last 18 months . Portfolio got reduced to 30% of Principal last year because of the inability of the fund manager and relationship manager. They do not have advisory skills at all. Imagine when the portfolio got reduced to 75% as an investor I asked for fund withdrawal. They kept on telling they have a strategy in place to bounce back. Which is a joke.
After repeated follow-ups and suggestion from me they changed the strategy last year and finally because of the election results portfolio came to 50% (Sensex hit 15000). Last 3 months they have become regular traders to earn their brokerage commissions. It is at 55% now . Again I’m talking about the principal. Forget about the profit.
I wanted to withdraw the money in liquid fund , processing takes 2 days time because it is centralized based out of Bombay. By the time it reaches Bombay balance would be changed because of the market condition. Net net local branches are just collecting funds for management fee purpose (which is whopping 30% for their stupidity)
Guess what? This fund manager is just playing with public money????? Shame on their understaning on finance market knowledge. They just don’t know how to rejig the portfolio.This is the sad state of the Portfolio advisory services of Kotak.I strongly advise folks to stay away from these guys. They really suck!