Winners rationale

India’s equity market boom since the COVID-19 pandemic revealed the need in the country’s domestic wealth management market for well-researched, quality advice and customised solutions. The presence and accessibility of trustworthy and competent wealth managers to navigate the volatility is best appreciated in such times — as experienced by India’s still nascent financial market and UHNW investors — and that played to the advantage of Avendus Wealth Management (AWM).

For the second consecutive year, the KKR-backed independent wealth manager stood out from its domestic peers in another year of strong business growth. Its assets under management (AUM) hit the US$5 billion mark by the end of 2021, ranking it among the largest independent wealth managers in India. On a percentage basis, AUM was up 57% YoY.

Building on the efforts in the last two years, the firm focused on enhancing its capabilities, adding new ones, and worked rigourously to offer a product suite covering a range of curated, differentiated, market-leading solutions.

Within a single year, the firm added 450 families as clients, drawing on the expertise of a team of more than 40 client relationship managers, who delivered best-in-class solutions for their clients, driving the productivity in terms of AUM and revenue. A team of experts across equity, debt, and alternate products endeavoured to bring a comprehensive suite of well-researched solutions — across asset classes, family office services and wealth lending solutions — to cover the entire spectrum of clients’ evolving needs.

In a show of its commitment to growth, the firm created a stand-alone liquidity event desk in 2021 in order to deepen relationships and be the first port of call for new money events and to stay abreast of the wealth creation in the country.

The impressive 294% YoY jump in revenue could not have been achieved without the firm’s focus on expanding its offerings in the alternative asset class — ranging from funds to direct investment deals. This strategic positioning managed to meet investor demand for access to alternatives — which is less developed domestically. AWM’ unique sourcing ability through its vast fund manager network, its in-house diligence and monitoring of the investments helped it to establish itself as one of the leading Indian wealth managers in alternative investments.

Within the past twelve months alone, AWM raised more than US$500 million in alternative funds and private placements, more than in any previous year. It now has US$760 million AUM in the emerging asset class.

As a name synonymous with growth and a platform that takes a holistic approach and offers a comprehensive suite of solutions across different asset classes (and for different stages of investor wealth), Avendus was picked as Asian Private Banker’s Best Domestic Independent Wealth Manager – India for 2021.