Mumbai-based investment firm Ambit Group has hired a senior executive from KKR-backed Avendus to head the wealth management business, the company said in a statement on Monday.
Amrita Farmahan, who previously worked as senior executive director at Avendus Wealth Management, has joined as the chief executive officer (CEO) of Ambit Global Private Client.
Farmahan has over two decades of work experience across corporate finance, wealth management, consumer banking, corporate finance and investment management.
In her new role, she would be responsible for spearheading Ambit’s wealth management business.
“We will endeavour to build a high quality sustainable business on a foundation that is stable and consistent,” said Farmahan.
Previously, she worked with Citibank’s wealth management division Citigold Private Client as the network sales director. Farmahan was also working as the country business head for Reliance Private Client, the wealth management arm of Anil Ambani-led Reliance Capital.
Earlier, VCCircle reported the resignation of the then CEO of Ambit’s NBFC and wealth business, Hrishikesh Parandekar, in March 2017.
Ambit, which was incorporated in August 1997, launched the private wealth business in 2009 to offer a combination of products and solutions to its wealth clients such as high net worth individuals (HNIs), family offices and corporates. The firm is headquartered in Mumbai, and has international offices in Singapore and New York.
The group, led by Ashok Wadhwa, also provides its clients with customized financial products and services across institutional equities, corporate finance and equity capital markets advisory and execution services, asset management, structured finance and SME lending.
In April 2018, Wadhwa said he, along with some top Ambit executives, would acquire 26% stake in the Ambit from its Qatari partner and investment QInvest LLC.
VCCircle was first to report in March 2017 that Qatari royal family through its investment banking firm QInvest was looking to fully divest its stake in Ambit Pvt. Ltd but was facing difficulty finding the right buyers at the preferred valuation.
In May this year, it sold its 47.5% stake in Ambit Flowers Asset Reconstruction Co. Pvt. Ltd to Eight Capital Management and London-headquartered Emso Asset Management. VCCircle was first to report about the disinvestment in March 2019.
New York-based JC Flowers, one of the world’s largest distressed asset investors formed the ARC with Ashok Wadhwa-led Ambit in early-2016 to invest in Indian distressed asset market. JC Flowers and Ambit held a 47.5% stake each in the ARC.
Earlier this year, VCCircle reported that Ambit was set to sell its stake in the joint venture.
In September 2016, Ambit sold its hedge fund business, while it suspended fresh investments from its co-branded private equity fund Ambit Pragma Advisors LLP the same month even though it had some capital left over.