Family offices are becoming increasingly popular amongst India’s growing ultra-wealthy population, but while family businesses are deeply entrenched in the country, family offices are still a relatively new phenomenon. Susan Lingeswaran reports When Uday Kotak, managing director of Kotak Mahindra Bank and the eighth-richest person in India, announced earlier this year that he was setting up a family office to invest his $10.3 billion fortune, it was hard to ignore the sense that a tide had turned. Traditionally, it was European and American families who dominated the global office space.