Independent Wealth

Avendus Wealth Management appoints Managing Director and CEO

Avendus Wealth Management, an Avendus Group company, is pleased to announce the appointment of Nitin Singh as Managing Director and CEO, as of February 2020.

Singh has a dual line reporting to Kaushal Aggarwal and Gaurav Deepak, Co-founders and MDs, Avendus Capital, as well as joining the Executive Committee, which is the strategic think tank of Avendus Group.

Singh joins Avendus from Standard Chartered Bank where he was Managing Director & Head of the Wealth Management business, that comprised of 300+ team members.

In his tenure as the head of the business, he significantly strengthened the Wealth Management franchise in India for Standard Chartered Bank, by setting a clear vision and focusing on relentless execution, according to an Avendus press release. The business recorded assets under management and custody of USD14 billion in 2019.

Singh was also on the Board of Standard Chartered Securities India and a member of the Country Management Team for Standard Chartered Bank. 

Prior to joining Standard Chartered, he was associated with HSBC Private Bank as the Global Head of Fund Strategy, responsible for long-only mutual funds and ETF product offerings. At HSBC, he managed an AUM of USD 40 billion and locked in revenues of USD 140 million. He established the global funds desk in London with responsibility for fund selection, strategic partnership programs with asset managers, and led the distribution efforts for mutual funds and ETFs across the Private Bank customer base, globally. He was also a member of HSBC Private Bank Global Investment Committee.

Singh is a Postgraduate from Indian Institute Management, Bangalore with a graduate degree in Economics. With over 20 years of experience, he brings to the table deep industry knowledge and expertise in private banking, asset management and wealth management.

His role and responsibility at Avendus Wealth Management include leading a team of high performing private bankers, product specialists, portfolio managers and strategic business functions to serve clients across geographies in India. Avendus Wealth, which started in 2010, has grown its AUM to over USD 4 billion today on the back of the trust reposed in it by about 1000 UHNI clients and corporate treasuries.

Nitin Singh, Managing Director and CEO, Avendus Wealth Management, said “At Avendus, I see a unique platform that has the potential to become a market-leading Wealth Management franchise.  The unique agile and integrated ecosystem built across Wealth, Asset Management and Investment Banking, in combination with the focus on professional excellence and strong customer trust is a key differentiator, in my view. The robust blend of the Avendus brand, quality of the Founders and the strong institutional backing further moved me to join Avendus Wealth Management.  I am significantly excited about the opportunities that lie ahead.”

Kaushal Aggarwal, Co-founder and Managing Director, Avendus Capital, said “Being in the wealth management industry for about 20 years, Nitin has an understanding of not only the business, but also that of the clientele. Nitin will work closely with our current team to help redefine wealth management in India, and deliver best in class customer experience. We see a huge opportunity in partnering with our customers over long term and handhold them in an increasingly volatile world.”

Gaurav Deepak, Co-founder and Managing Director, Avendus Capital, said “We love the energy Nitin brings to the firm. As a franchise, we are always looking to provide differentiated solutions to our clients across our four businesses -- Investment Banking, Asset Management, Credit Solutions and Wealth Management. Nitin’s collaborative attitude and solution driven mindset will play a key role in providing unique offerings to our clients and support Avendus in its next phase of growth. I look forward to working with him to create a leading wealth management platform in India.”

Agnel Victor, Head – Human Resources, Avendus Capital, said “Nitin will work closely with the HR team to help coalesce and build a robust private banking talent team, for the firm. We see immense opportunity in providing a long-term institutional home to the best in class talent in the industry.”