TL;DR: Atul Singh, former head of Julius Baer India, has launched Veriqus Partners, an independent wealth advisory venture currently in late-stage funding discussions with a major private equity firm, an Indian business family, and a senior corporate executive. The development signals deepening demand for bespoke, conflict-free advisory structures among India's ultra-high-net-worth families.

Veriqus Partners and the Rise of Independent Wealth Advisory in India

Atul Singh, who led Julius Baer's India operations as country head, has established Veriqus Partners, positioning the new firm as an independent wealth advisory platform targeting India's rapidly expanding ultra-high-net-worth and family office segment. The venture is currently in advanced discussions with three prospective backers — a major private equity firm, a prominent Indian business family, and a senior corporate executive — marking a deliberate effort to build a diversified, institutionally credible ownership structure from inception. While deal size and equity stakes have not been publicly disclosed, the involvement of a private equity counterparty suggests Veriqus is targeting meaningful scale, likely with assets under advisory ambitions in the range of several billion dollars within its initial operating horizon.

Singh's departure from Julius Baer, one of the most active foreign private banks in the Indian market, reflects a broader pattern visible across Asia-Pacific: senior private banking executives with deep client relationships and institutional pedigree are increasingly opting to establish independent structures rather than remain within the product-distribution constraints of large bank platforms. For family office principals evaluating advisory relationships, this trend carries direct implications for how they source and vet independent advisors entering the market.

Why Independent Advisory Structures Are Gaining Traction Among Indian Family Offices

India's family office ecosystem has expanded substantially over the past five years, with estimates suggesting the country now hosts over 300 single-family offices managing assets in excess of $250 million each, and a growing cohort of multi-family office platforms serving the sub-$500 million segment. The structural limitation of bank-affiliated wealth management — namely, product shelf bias, revenue-sharing arrangements with asset managers, and limited access to bespoke private market mandates — has created a clear opening for independent advisory firms that can offer unconflicted guidance across asset classes. Veriqus appears to be positioning itself precisely in this gap, with an architecture that separates advisory fees from product distribution economics.

The backing of an Indian business family as a co-investor is particularly noteworthy. Family-backed advisory platforms carry an implicit endorsement that resonates with prospective clients who are themselves principals of family enterprises. It signals alignment of interest in a way that institutional bank ownership cannot replicate, and it provides the venture with patient capital that is less sensitive to short-term revenue targets. For other family offices considering whether to engage Veriqus, the identity and governance philosophy of that founding family backer will be a critical due diligence consideration.

How Does Veriqus Fit Within the Broader Asia-Pacific Wealth Architecture?

The establishment of Veriqus Partners comes at a moment when the architecture of wealth management across Asia-Pacific is being actively renegotiated. Singapore's Variable Capital Company framework, Hong Kong's Open-ended Fund Company structure, and GIFT City in Gujarat — India's own international financial services centre — are each providing new structural options for family offices seeking to consolidate and manage cross-border wealth in a tax-efficient, regulated environment. GIFT City in particular has attracted growing attention from Indian family offices, with the International Financial Services Centres Authority reporting over 90 registered family investment funds as of late 2024, a figure that has more than doubled in two years.

Veriqus, if it secures its targeted funding, would be operating in an environment where Indian principals are increasingly sophisticated about structure, jurisdiction, and the distinction between advisory and discretionary mandates. The firm's ability to navigate SEBI's registered investment advisor framework domestically, while potentially offering access to offshore structures through GIFT City or Singapore-domiciled vehicles, will determine how compelling its proposition is relative to established multi-family office platforms such as Waterfield Advisors, ASK Wealth Advisors, and the family office arms of the major domestic private banks.

Strategic Implications for Family Office Principals

For principals of single and multi-family offices across the region, the emergence of Veriqus Partners raises a set of practical strategic questions. First, as the independent advisory space in India matures, the quality of talent migrating from institutional platforms is rising — Singh's background running a major Swiss private bank's India operations represents exactly the calibre of expertise that was previously only accessible through bank relationships. Second, the funding structure of advisory firms matters: a venture backed by private equity will face return expectations that could, over time, create the same product-shelf pressures that characterise bank platforms. Principals should scrutinise the fee architecture and incentive alignment of any new advisory relationship carefully, regardless of the founder's pedigree.

Third, the competitive pressure that firms like Veriqus will exert on incumbent private banks operating in India is likely to accelerate service improvements and fee compression across the segment — a development that benefits family office clients regardless of whether they engage with the new entrant directly. The Indian wealth management market, where the investable wealth of high-net-worth individuals is projected to exceed $2 trillion by 2027 according to industry estimates, is large enough to support multiple credible independent platforms. Principals who are actively reviewing their advisory relationships in India should treat the next 18 months as a particularly advantageous window for renegotiating mandates and terms.

Frequently Asked Questions

Who is Atul Singh and what is his background in wealth management?

Atul Singh served as the India country head for Julius Baer, one of Switzerland's largest dedicated private banking groups and a significant player in the Indian ultra-high-net-worth market. His role involved overseeing client relationships, business development, and the bank's strategic positioning across India's major wealth centres including Mumbai and Delhi.

What is Veriqus Partners and what services will it offer?

Veriqus Partners is an independent wealth advisory venture founded by Atul Singh following his departure from Julius Baer India. The firm is expected to offer unconflicted advisory services to ultra-high-net-worth individuals and family offices, with a structure designed to separate advisory fees from product distribution revenue.

Who are the prospective investors in Veriqus Partners?

Veriqus is in late-stage funding discussions with three parties: a major private equity firm, an Indian business family, and a senior corporate executive. The specific identities of these parties have not been publicly disclosed, but the combination suggests a deliberate effort to build institutional credibility alongside family office alignment.

How does the GIFT City framework affect independent wealth advisors in India?

GIFT City's International Financial Services Centre provides a regulated offshore-equivalent environment within India, allowing family investment funds and wealth advisors to access international structures, foreign currency mandates, and cross-border investment vehicles. The IFSCA had registered over 90 family investment funds at GIFT City as of late 2024, making it an increasingly relevant jurisdiction for independent advisors serving Indian principals with global portfolios.

What should family office principals consider when evaluating a new independent advisory firm?

Principals should examine the fee structure to confirm true independence from product distribution economics, assess the ownership and capital structure to understand return pressures on the advisory firm, verify regulatory registration under SEBI's investment advisor framework, and evaluate the depth of the team beyond the founding partner, particularly for succession and continuity of service.

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