Starting from Amrita Farmahan, Country Business Head, Reliance Private Client Business to Umesh Gupta, Fund Manager - PMS, Reliance Wealth Management, about 20 executives have left the Reliance subsidiary to join Avendus Wealth.
Avendus Wealth is the wealth management arm of KKR-owned financial services firm Avendus Capital.
The new team formed in Avendus Wealth will be led by Amrita, who will be responsible for scaling the existing business and enhancing the firm’s offshore practice, which caters to the non-resident Indian clientele. She would be working on strengthening the proposition to offer bespoke wealth and investment management services to HNIs, family offices, corporate and institutions.
Besides Amrita, the team of other executives includes Sumegh Bhatia, who joined as executive director-client relations; Rohit Suri, executive director-client relations; Saurabh Pathak, vice president-client relations; Umesh Gupta, executive director-products & advisory; and Mahesh Kuppannagari, who will be the director-products & advisory.
Out of the 20 executives who have joined Avendus, at least nine will become directors and six will take the role of vice presidents.
After the appointment of these 20 executives, the total employee strength of Avendus Wealth has now reached 93.
Recently, Avendus has been working on a strategy to scale up its business and expand its operations. In 2017, it received an investment of Rs 980 crore from Gaja Capital and it itself further acquired Zodius Capital and Ocean Dial Asset Management Ltd., thus increasing its scope of operations.
This saga of expansion is not new and has been going on since its acquisition by KKR in 2015.
Now, with a team of former Reliance executives, Avendus will look forward to strengthening its wealth management business catering to HNIs, family offices, corporate and institutions.