Waterfield Advisors, the India-focused firm working with ultra high net worth families, trusts and corporate clients, has opened two new offices in New Delhi and Chennai.

Waterfield Advisors, the India-focused firm working with ultra high net worth families, trusts and corporate clients, has opened two new offices in New Delhi and Chennai, appointing Nitai Utkarsh and Ganesh Jayaraman as directors for the family office business in these two locations respectively.

“The concept of the family office is growing and our aim is to provide best-in-class wealth structuring advisory solutions locally to our clients in these locations. The firm will focus on investment management, inter-generational wealth transfer, philanthropy and corporate advisory services as part of the suite of services offered,” Soumya Rajan, managing director and chief executive, said.

The growth of such a business suggests that India, which has seen its stock market surge this year due to emphatic election in May of a new, pro-reform government, is a promising family offices market, particularly as the vast majority of firms are family-owned. Credit Suisse recently reported that India had around 1,800 UHNW individuals. In contast to the North America and European markets, Asia and the India sub-continent are as yet relatively young markets for family offices, and therefore seen as important potential growth areas for this segment.

In March this year, the Patni brothers, Amit & Arihant, had announced a strategic investment in Mumbai-headquartered Waterfield Advisors. The partnership is aimed to jointly create a world platform to offer comprehensive family office and corporate advisory solutions to clients.

In August, Waterfield Advisors appointed wealth management figure Munish Randev as its chief investment officer for its multi-family office business and Amit Shah as director, corporate advisory services.