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KKR-backed Avendus hires StanChart exec to head wealth management arm
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Financial services group Avendus has appointed Nitin Singh, a former Standard Chartered executive, as the managing director and chief executive officer of unit Avendus Wealth Management.

Singh will also be part of Avendus’ executive committee, the group’s strategic think tank, it said in a statement. He was managing director and head of Standard Chartered’s wealth management business before joining Avendus.

At Avendus Wealth, Singh will be responsible for managing the team of private bankers, product specialists and portfolio managers who serve the unit’s clients across the country.

“Nitin will work closely with our current team to help redefine wealth management in India, and deliver best in class customer experience,” Avendus Capital co-founder and managing director Kaushal Aggarwal said.

Agnel Victor, Avendus Capital’s head of human resources, said Singh would also help the company in building out its private banking team.

At Standard Chartered, the wealth management business under Singh had over 300 members. He was also on the board of Standard Chartered Securities India and member of its country management team.

An alumnus of the Indian Institute of Management-Bangalore, Singh had previously worked at HSBC Private Bank as the global head of fund strategy that was responsible of exchange-traded funds and long-only mutual fund offerings. He was also a member of HSBC’s Private Bank Global Investment Committee.

Avendus Wealth Management was set up in 2010. Currently, it has over $4 billion in assets under management with about 1,000 ultra-high net worth and corporate treasury clients.

It is part of the larger Avendus Group, which is backed by global private equity firm KKR. Its offerings in the financial services sector include investment banking, wealth management, credit solutions and asset management. The group was established in 1999, and has a presence in India, the United States, Singapore and the United Kingdom.

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