Group: Leadership Team

My motivation to pursue a career in portfolio management came after reading Janet Lowe’s “Benjamin Graham on Value Investing.” This book opened my eyes to the world of value investing. Here was a simple and logical way to invest money and also doing it in a safe manner. For me, it was a profound awakening, and set me on a path of continuous education.

My journey to entrepreneurship and the founding of Banyan Tree Advisors was influenced by a long-held desire to be an entrepreneur. I remember that at an interaction with a professor at IIM Bangalore, I was told that I was at the wrong place, because the institution trained managers, not entrepreneurs. This only fueled my desire.

After my MBA, however, I worked at a number of financial services firms for the next six years. In between these jobs, I managed to take a 9-month sabbatical, traveling around India with a backpack. In my last job, Multi Act, I met Shyam and then Ravi (BITS and IIMB batchmate). Both are now my business partners at Banyan Tree.

Initially, when Banyan Tree started in 2004, it was just the four of us—Ravi, Kishore, Srinivas, and me. Despite the challenges, it was a fun and rewarding experience. From the beginning, BT has been profitable. We aimed to run a conservatively managed company, similar to our investee companies, with top management on variable pay. SEBI’s increasing net worth requirements also posed some challenges, and that needed tight cost control and cash conservation in the early years. Despite those initial difficulties, it’s been a great journey for all of us over the last 20 years. There have been some heady heights, and also the inevitable lows that go with such a journey.

At Banyan Tree, our goal has always been to provide good risk-adjusted returns for our clients with lower volatility than the market. Client interests are at the heart of BT, and we strive to care for our employees, helping them grow while being guided by our values of passion, integrity, excellence, and customer interest. We don’t believe in setting numerical targets; instead, we focus on our journey, confident that we will achieve all milestones over time. In the future, we will continue to keep our customers and employees at the centre of the enterprise, and strive for excellence, while maintaining integrity.

These days, at Banyan Tree, I actively participate in Fund Management. I also have the responsibility to bring out the newsletter every month, with the help of the investment management team.

I feel passion is very important in life. Whatever you do, you should do it with gusto – with your full heart and soul into it. And one value we all share as founders at BT is the value of integrity, which I think is very critical to a human being. It’s a great honour to have the responsibility of looking after the hard-earned earnings of so many clients. We treat it as a great responsibility, and I try my best to give my best.

Outside work, I enjoy poker, music and squash. I am also deeply interested in personal growth, and I seek a deeper understanding of the world within and around us by reading a range of spiritual literature.

Growing up, I was always aware of the stock market because my father was an avid investor. I remember reading annual reports that came home, though I skipped the most crucial parts because I didn’t really understand the importance of notes to accounts.

When I began my undergraduate studies in engineering, a career in finance didn’t seem like a sensible option because the Indian economy had not liberalized and opportunities in investment management barely existed. Later, during my MMS degree, I chose to specialize in finance, even though there were no specific courses on investment at that time.

Before joining Banyan Tree Advisors, I spent 10 years working at MAAM Equity Research as an analyst. During this time, I met three of my future business partners at Banyan Tree: Sandeep, Ravi and Jigar. My work at MAAM exposed me to a wide range of businesses and different accounting standards across the globe. The professional relationships I built during those years have lasted till today.

In 2007, I left MAAM to join Banyan Tree because I felt that it was time to start something of my own. It helped that by then I had already achieved a degree of financial freedom. Also, importantly, I would be working with friends who I respected and trusted.

The initial years at Banyan Tree were challenging. Every expense mattered, and meeting SEBI net worth requirements was a constant concern. As promoters, we had to moderate our salaries to ensure the company’s survival. What helped was that our own personal portfolios were performing well, so there was never any overbearing pressure to compromise the long term interest of the clients, or the business, for short term commercial requirements.

By 2012, the growth in the AUM and performance insured that the firm was well capitalised. Since then, we have been fortunate to grow at a very satisfying pace. We’ve never been a sales-driven organization; we have never even pushed our existing clients to add more money. What was important was a simple principle: just do the best job you can. This approach has worked well for us.

Reflecting on Banyan Tree’s journey over these years, what stands out most to me is the relationships we’ve built with our clients. Being a part of their life trajectories and helping them achieve financial freedom has been incredibly rewarding. Our clients trust us to provide them with the same financial freedom we’ve achieved for ourselves. This responsibility is something I take very seriously. We have helped many people live their lives the way they want, free from financial constraints.

I would like Banyan Tree to become an institution that our clients trust. I want our employees to look forward to coming to work, knowing they are essential to serving our clients. Creating an environment where both clients and employees feel valued and supported is my sincerest hope for the firm.

If I were to give any advice to our readers, it would be this: buy a good business at a discount to its worth and be patient, as over time, the gap between price and value will be eliminated. Understanding the power of compounding return is crucial— remember, the ‘n‘ in the compound interest formula, which stands for time, is far more important than the ‘r‘, the rate of return. The only sure way to build wealth is to make sensible investments and allow them to grow steadily over time.

My personal belief system is simple: do no evil. What I mean by this is that even if a person does no good, it is far more important not to do something that has negative repercussions on themselves or the people around them. This same philosophy extends to investments. As Warren Buffett once said, “The first rule of an investment is don’t lose money. And the second rule of an investment is don’t forget the first rule.”

Outside of work, I enjoy spending time with my family. I am also an avid reader, often exploring various topics online. My curiosity and love for inquiry keep me engaged and constantly learning.

I have always been passionate about understanding business models, history, and statistics, and this naturally drew me to the world of finance and the stock market.

Before joining Banyan Tree Advisors in 2010, I spent eight enriching years at Multi-Act Trade & Investments. During this period, I learned a great deal about investing and equity research. Networking with friends in the fund management industry also significantly enhanced my knowledge and perspective. I delved into global equity investing and immersed myself in the philosophies of investment legends like Warren Buffett and Charlie Munger. These giants have deeply influenced my approach to value investing.

I joined Banyan Tree Advisors driven by my eagerness for independent fund management. The initial years were challenging, as it was a one-man show in Mumbai until Vishal joined. However, we gradually overcame these challenges by building a team of analysts and establishing strong client relationships. Over the last 14 years at Banyan Tree, my vision has been to build a team of fund managers to drive the company to new levels of growth and longevity, aiming to “Celebrate 100 years of building wealth safely.”

My investment philosophy focuses on picking high-quality businesses with negative working capital, recognizing competitive advantages, evaluating management quality, and prioritizing entry-level valuations for investor returns. At Banyan Tree, I manage the research team, oversee the Mumbai office, find new investment ideas, train and mentor the team, and conduct client webinars. The journey has been transformative, moving from a small office to a larger one, building a substantial team, and experiencing market ups and downs.

My philosophy is to “win and let others win.” I strongly believe that focusing on systems helps in the long term. Reading and thinking have been crucial to my development, and I strive to help my team continue doing good work. Beyond money management, we assist clients with holistic financial well-being.

Outside of work, I enjoy playing cricket, traveling, reading, and spending time with family and friends.

My passion for finance and the stock market kicked off back in 1991 when I opened my first bank account and took a leap of faith by applying for an IPO, which paid off nicely. In college, a few friends and I would huddle in the library, poring over the Economic Times and chatting about stocks and prices. That’s how my investing adventure truly began.

While I was still in college, I understood that that the most valuable relationships and lessons often happen outside the classroom. My best friends, including my current business partner, are from my college days. I find it deeply rewarding to build non-transactional relationships based on mutual trust and respect, without expecting anything in return. In business, I find great satisfaction in helping people make sound investment choices and learning from different perspectives. This field allows me to build long-term, mutually respectful relationships, making a direct impact on individuals and contributing to the greater good.

Very early in my career, I noticed that even finance professionals like MBAs and CAs often struggle with personal finance. People may excel in their careers but fail to make their money work for them, overwhelmed by other priorities and obligations. That’s where I step in, helping them navigate their investments effectively.

I believe in offering high-quality services that genuinely benefit clients, letting the results speak for themselves. It’s not about overselling or competing on fees; it’s about delivering real, sustainable value. The principle that “price is what you pay, and value is what you get” has always resonated with me, guiding my approach to client relationships.

My advice to people looking for a financial advisor: take your time to find a financial advisor you trust and whose philosophy aligns with your goals. Clearly define how you’ll evaluate their performance and avoid comparing them to other firms or funds. Stay focused and committed. Remember, if you think you know more than an expert, why hire them? Let them do their job.

At Banyan Tree, I oversee the overall business, focusing on clients and employees. My role involves building a strong team, fostering development and growth, and crafting business strategies. I align the firm’s vision and channel efforts to achieve our common goals.

I’ve learned the value of patience and long-term planning. We started with a solid foundation, and now, with a stronger team and more resources, we’re opening up more opportunities for both clients and employees. I envision Banyan Tree as a trusted firm, creating value for clients, employees, regulators, peers, and shareholders for decades to come.

Outside of work, I love spending time with family and friends. For the past eight years, I’ve also been serving as the Hon. Secretary of our housing society, managing its affairs as part of the committee. I also volunteer at the PMS Industry Association (APMI) with the aim of development of the industry and benefit of investors.

A book I highly recommend is “Don’t Say Yes When You Want to Say No.” It’s essential to control your own time, and say NO to clients if there is a mismatch of expectations. Saying no allows you to be true to yourself and others, avoiding half-hearted commitments.