Ambit Global Private Client, whose chief executive is the respected banker Amrita Farmahan, notched up some impressive numbers in the past year: total assets under management and advisory grew to about $5.45 billion; it added more than 200 new families to its client roster, the majority with a net worth of more than $50 million; and it doubled the size of its team to 90. It hired across client relations, product, advisory and investment, capital markets dealing and client experience and support.
These impressive feats make Ambit the winner of the best for ultra-high net-worth in India award from Asiamoney in 2023.
During a particularly volatile year, Ambit stood apart by demonstrating its ability to give clients the right advice in good times and bad. It achieved this because it understood its UHNW client base, spotted trends and themes ahead of the pack, and guided the wealthy in those directions.
For instance, Ambit was the first in the industry to spot opportunities in alternative investments and India’s private markets. Ambit saw growing demand from UHNW clients to invest directly instead of using funds. That prompted it to pioneer its METT framework, focused on market demand, economics, team and technology. Using this for alternative investments, Ambit curated transactions for clients across stages and sectors.
Ambit says it deployed the largest amount among wealth firms in India into private markets, worth roughly Rp18 billion ($220 million), generating an internal rate of return of about 58%. The management says it scrutinized more than 100 private transactions before picking 12 to generate the best value for clients. That decision-making and due diligence was supported by the senior team, led by Mahesh Kuppannagari, head of products and advisory for Ambit Global Private Client.
The firm’s track record is impressive overall. During the worst of the volatility fuelled by the Covid-19 pandemic in early 2020, Ambit advised its UHNW clients not to buy stocks in a bear market environment. When market dynamics changed, it advised clients to buy into equities in September 2020. When Russia invaded Ukraine, Ambit made a positive call on equities but changed its investment strategy to a staggered approach.
These moves paid off for clients. Plus Ambit has one of the fastest-growing fixed income desks in the industry and can offer clients exclusive access to marquee trades in innovative parts of the market, for example in real estate investment trusts and infrastructure investment trusts.
This goes to show that Ambit’s investment philosophy for UHNW clients, which is based on a disciplined approach to investing with a focus on value, quality and growth, remains unrivalled in India.