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Founders
vikas-khemani

Vikas Khemani

CA, CFA, CS
vikas-khemani
Vikas Khemani
CA, CFA, CS

Chartered Accountant & CFA Charter holder, having ~27 years of capital markets experience, founded Carnelian asset management, a boutique investment management & advisory firm based out of India in 2019. Before starting Carnelian, he spent 17 years as the CEO of Edelweiss Securities Ltd., incubated & built several businesses to leadership including institutional equities, investment banking business & equity research

Has a strong business acumen & deep understanding of capital markets; enjoys strong reputation with corporate India.

Associated with several industry bodies and committees:

  • Member of the CII National Council on Corporate Governance & FICCI Capital Markets Committee
  • Serving as an invited member of Executive Council of Bombay Management Association

Member of Young Presidents Organization (YPO) a global forum for entrepreneurs and CEOs

manoj-bahety

Manoj Bahety

CA, CFA
manoj-bahety
Manoj Bahety
CA, CFA

Chartered Accountant & CFA Charter holder, having ~27 years of capital markets experience, co founded Carnelian along with Vikas. Before starting Carnelian, he spent 12 years as Dy. Head – Institutional Equity research, Head – forensic, thematic & mid cap research at Edelweiss Securities

Known for his non-consensus research. Pioneered differentiated forensic research, popularly known as “Analysis Beyond Consensus” (ABC research). ABC research has helped investors across the globe to take informed investment decisions based on true numbers instead of reported numbers, thus “avoiding pitfalls”- one of Carnelian’s virtues Has represented several committees of the CFA Institute including Chairperson of India advocacy committee and member of  the US based global CDPC committee

swati-khemani

Swati Khemani

CA
swati-khemani
Swati Khemani
CA

With 23 years of financial experience, Swati exemplifies the important role of the Indian modern professional and empowered woman. Her professional journey has taken her to leading roles in equity research, institutional sales, client relationships and human capital management, all this, while raising a family and being an entrepreneur.

Along with Vikas Khemani and Manoj Bahety, she founded Carnelian Asset Management where she currently holds the key position of managing the overall business and capital management. Her mentoring skills have been instrumental to lay the foundation of a strong, cohesive and winning investment management team. She enjoys a good relationship with the investor & corporate community.

Independent Board of Directors
patricia

Patricia Perez Coutts

CFA – Portfolio Manager – Pender
patricia
Patricia Perez Coutts
CFA – Portfolio Manager – Pender

Patricia Perez-Coutts, CFA has a distinguished & extensive background with over 30 years of experience managing emerging market equities. She joined Westwood Holdings Group, Inc. in 2012 as a Senior Vice President & Portfolio Manager and led a team of analysts focused on managing emerging market equity

strategies.

Prior to that she worked at AGF Investments Management for over 10 years, also managing emerging market equity strategies. She has won numerous industry accolades throughout her career, including six consecutive Morningstar Canadian Investment Awards as Senior Vice President and Portfolio Manager of the AGF Emerging Markets Fund

Patricia is also an Impact investor, a philanthropist and is the Chair of the Board of Cuso International, a Canadian development organization and is also Chair of Viridis Terra International She has travelled extensively the world over the years and speaks four languages fluently

vivek_chhachi

Vivek Chhachhi

Partner & CIO - CX Advisors LLP
vivek_chhachi
Vivek Chhachhi
Partner & CIO - CX Advisors LLP

Vivek Chhachhi is a partner of CX Advisors LLP, and currently serves as the Chief Investment Officer also leading investments in healthcare and technology.

Vivek is serving/has served on the boards of several portfolio companies including Thyrocare, Nueclear,

Thyrocare Gulf, Healthium Medtech, Natco, Veeda, Sekhmet Pharma and Anjan Drugs

Prior to joining the Investment Advisor in 2010, he was a director with CVCI, where he had about 15 years of experience identifying, managing and exiting a large number of portfolio companies across a wide spectrum of industries.

Denis Nolan

Principal - DPN Capital 
Denis Nolan
Principal - DPN Capital 

Denis has more than 30 years of capital markets experience globally having worked in London, Hong Kong, Dublin and Toronto, with most of that time spent in institutional sales with large international investment banks, investment management firms and a hedge fund.

As the principal and founder of DPN Capital, over the last 15 years Denis has made it his job to find the best up and coming investment managers and successfully partnered them with sophisticated institutional investors around the world, mainly large public pension funds, banks, endowments and sovereign wealth funds.

Denis has travelled extensively all over the world to fulfill institutional investors goals and has been successful in raising nearly USD 10 billion capital for investment managers from institutional investors in Europe, Asia, the Middle East and North and South America over his career.

He has learned over the years that integrity, hard work, humility and passionate people are the keys to the future success of an investment management firm.

Denis holds a Bachelor of Commerce degree from University College Dublin. He has also earned his Chartered Financial Analyst (CFA) designation in 2004.

Carnelian Family
carnelian-family
Team of 84+ professionals across 10 locations
What makes us a successful team

Our winning team is built on 4 pillars:

Culture
  • Integrity
  • Excellence
  • Passion
Collaborate
  • Internal Teams
  • Partners
  • ⁠Regulators
  • All other stakeholders
Client
  • Trust
  • Always First
  • Relationship Driven
  • Performance
Communicate
  • Open Door
  • Technology

 We thrive in a meritocratic environment, enabling our team to deliver superior outcomes for our clients and partners.

OUR VALUES
Customer first:

Customer interest precedes everything

Excellence:

Excellence precedes outcome

Patience & trust:

Patience precedes impulsiveness

Know what you don't know:

Stay within core, expand core

Capital Protection:

Margin of safety precedes return

Law abiding:

Compliance precedes rewards

Reputation risk:

Reputation precedes rewards