Ashish Gumashta, former India CEO at Julius Baer, has co-founded a new wealth management and business advisory firm, Veriqus Partners, along with fund manager Roshi Jain, Moneycontrol has reported.
Veriqus Partners is expected to offer wealth management and business advisory services.
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Jain is expected to oversee investments at the new firm. She left HDFC Mutual Fund in December last year after four years at the fund house, where she had taken charge of schemes earlier managed by Prashant Jain.
According to people aware of the matter, Veriqus Partners is in late-stage talks with a major private equity firm, an Indian business family and a senior corporate executive for funding.
“The cap table has not been finalised yet,” one person said.
The founding team also includes Debashish Purohit, previously co-head of investment banking at Bank of America, and Kaushik Sanghvi, a former Merrill Lynch executive who retired from Julius Baer.
Purohit is expected to lead the business advisory division, which will cater to the wider strategic and business requirements of Indian promoters and companies, beyond conventional investment banking work.
Sources told Moneycontrol that more executives from Julius Baer may also move to the new firm.
Gumashta joined Julius Baer in 2015 after working for many years at DSP Merrill Lynch. He became chief executive of Julius Baer Wealth Advisors (India) in 2017.
He remained chief executive until 2022 before moving to the role of executive chairman. He left the group in August 2023.
After that, Gumashta had a short stint at Motilal Oswal Financial Services as managing director of strategic initiatives.
He later set up Gumashta Partners, an independent advisory platform focused on wealth and family office services.
At HDFC Mutual Fund, Roshi Jain had been brought in as part of a planned transition after Prashant Jain decided to leave and start his own investment venture.
People familiar with the developments said the departures were partly driven by an inconsistent management approach and shifting priorities.
During Gumashta’s time in charge, Julius Baer’s India business operated with a relationship-driven and cost-conscious model.
