Family offices have existed since the late 19th century as dedicated structures set up by ultra-high net worth families (valued to be worth circa USD 50 million and over) to manage their assets. The origins of the BFO Wealth dates back to 1939 when Mr. Mangaldas Keshavlal started Mangaldas Keshavlal as a partnership firm taking membership of The Native Share & Stock Brokers’ Association, Bombay (present day Bombay Stock Exchange (BSE)). Over the next few decades, the family business grew its wealth in the stock markets of India, concentrating on rewarding loyal employees and treating customers as family members. By 2000’s the flagship concern of the BFO Wealth i.e. Mangal Keshav had risen as a force to reckon within the Indian financial landscape and in 2006, Oman’s largest bank, Bank Muscat took a 43% stake in Mangal Keshav Holdings - the first time that an international bank had taken stake in an Indian broking house.
Investments of the BFO Wealth are into varied interests including real estate projects and infrastructural projects, however, predominantly the family is invested into financial markets owning companies involved into stock broking, commodities broking.