InCred Black brings on Alok Agarwal and Harmeet Sahney as co-founders, tapping into a wave of senior departures from Avendus
InCred Wealth and Investment Services has hired former Avendus executives Alok Agarwal and Harmeet Sahney for a new business that will target ultrahigh net worth customers. The new subsidiary called InCred Black will be formed as InCred Wealth’s company run by the two ex-Avendus executives.
Leadership backgrounds
Agarwal previously served as managing director at Avendus, while Sahney held the same title at Avendus Wealth. Together, they will steer InCred Black’s focus on both client businesses and personal wealth, layering in clubbed deals, curated transactions, global opportunities and large advisory mandates on top of conventional private wealth management services.
Timing tied to Avendus upheaval
The news comes as Avendus experiences a period of transition after Mizuho purchased a majority stake from KKR in the firm last December. Recently, Avendus elevated Karan Sharma, the previously managing director and head of its digital and technology, to the managing director and head of investment banking. The firm also witnessed several other senior-level exits and hires, including its former healthcare investment banking head, who joined Bank of America, and its former real-estate and infrastructure-banking head joined Macquarie. The latter was replaced by an ex-UBS banker.
About InCred
InCred Wealth distributes third-party financial products such as mutual funds, alternative investment funds and portfolio management services, and runs the InCred Vantage platform for customised portfolios. The broader InCred group, founded by former Deutsche Bank executive Bhupinder Singh, spans lending, institutional and wealth management, and investment distribution. Its backers include Elevar Equity, the Abu Dhabi Investment Authority, and Moore Venture Partners, with Zerodha’s Kamath brothers recently investing Rs 250 crore in InCred Holdings.
