Amit and Arihant Patni, sons of Gajendra Patni, have bought a minority stake in Mumbai-based boutique advisory firm, Waterfield Advisors, for an undisclosed amount. The funding will be used to strengthen the advisory firm’s family office services portfolio and expand its offerings.
Waterfield was founded by Soumya Rajan, former managing director and head (private banking, India) at Standard Chartered, in 2011. It provides advisory services to entrepreneurs, ultra-high networth families, trusts and corporate clients under three verticals — family office, corporate advisory and alternative asset management (private equity and real estate).
Following their exit from Patni Computers in 2011, Amit and Arihant co-founded funds such as Nirvana Venture Advisors (internet digital fund), Elysium Investment Advisors (hedge fund) and The Hive India (data fund).
Amit, now a director at Waterfield Advisors, said: “Having experienced first-hand the challenges faced by a single family office since setting up our own in 2002, we felt there existed a strong need for family office services. Our investment in Waterfield aims to jointly address this need and build this area of expertise in India.”
Rajan, managing director and chief executive of Waterfield, said: “Against the backdrop of a greater number of successful Indian entrepreneurs, the recovering financial climate and increased competition, there is an urgent need to provide family office services, consolidate personal and family wealth, manage succession and help entrepreneurs grow operating businesses.”
Before turning to entrepreneurship, Rajan was a career banker having spent over 16 years with ANZ Grindlays and Standard Chartered Bank.
Amit and Arihant had entered into financial services space in 2011, after Patni Computers was sold in a $1.2-billion deal to US-listed iGate. Each of the Patni brothers — Gajendra, Narendra and Ashok — held about 14 per cent stake in Patni Computers at the time of the final exit. The brothers, who had a total holding of 43.6 per cent, and private equity player General Atlantic (16 per cent) sold their stake to the Nasdaq-listed iGate and Apax Partners combination for $921 million, excluding an open offer.
The 14 per cent shareholding of Gajendra and his family gave him a share of $129 million (Rs 580 crore) from the total sale value.