At least nine out of 20 executives that quit Reliance wealth will become directors and six of them will take the job of vice presidents.

Approximately 20 executives left the Reliance subsidiary to join Avendus Wealth, beginning at Amrita Farmahan, Country Business Head of Reliance Private Client Business to Umesh Gupta, Fund Manager – PMS of Reliance Wealth Management.

Avendus Wealth is the wealth management arm of KKR-owned financial services firm Avendus Capital.

Amrita will lead the new team formed in Avendus Wealth.

She will be responsible for scaling the current business and also, will enhance the firm’s offshore practice, which caters to the non-resident Indian clientele.

She will also strengthen the proposition to offer bespoke wealth and investment management services to HNIs, family offices, corporate and institutions as her role of leading the new team.

New team of executives also consists of other members such as 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.

At least nine out of 20 executives will become directors and six of them will take the job of vice presidents.

After the 20 executives, the total employee strength of Avendus Wealth has now reached to  93.

Currently, Avendus is planning to scale up its business and expand its operations.

increasing its scope of operations, it received an investment of Rs 980 crore from Gaja Capital and it also took possession of Zodius Capital and Ocean Dial Asset Management Ltd in 2017.  

The expansion has been going on since its acquisition by KKR in 2015 and is not a new strategy.

Now, with the new team, they are looking forward to strengthening and scaling up the business.