Building your India portfolio since 1990 on a foundation of ethics, integrity & disciplined investment research process.
Quantum Advisors Private Limited (“Quantum”/“QAS”) was founded by Ajit Dayal as India’s first institutional equity research house in January 1990, eighteen months before the first significant set of reforms announced that allowed the Indian economy to break out of the ‘Hindu’ rate of growth. Quantum is building an India-focused investment management institution. For over 30 years Quantum Advisors has been at the forefront of sensible, long-term investing and is one of India's most respected investment firms.
Sorted by 3-year return. Returns are TWRR, net of fees; CAGR above 1 year.
Q India Value Equity Strategy - Constrained V
Flexi Cap
Q India Value Equity Strategy
Flexi Cap
Q India Responsible Returns Strategy
Flexi Cap
Q India Sovereign Focus Bond Strategy
Q India Value Equity Strategy - Constrained XIX
Flexi Cap
Q India Value Equity Strategy - Constrained XVIII
Flexi Cap
Quantum OCIO Strategy
Multi-Asset
Q India Value Equity Strategy - Constrained XVII
Nilesh Shetty
Fund managerPortfolio Manager, Equity
CFA, CGMA
Nilesh Shetty has 20 years of experience in the Indian capital markets as an Analyst and Senior Research Manager. Nilesh joined Quantum AMC in December 2009 and moved to Quantum Advisors in April 2022. In addition to being a portfolio manager, Nilesh is Quantum's primary analyst for Capital goods, Insurance and Broking. Prior to joining Quantum, Nilesh worked for 2 years at Edelweiss Capital as an analyst. Nilesh received his Masters in Management Studies from Mumbai University in 2003 and is a CFA Charterholder and a Chartered Global Management Accountant having completed CIMA (UK).
Ajit Dayal
Founder and Member – Portfolio Team
Ajit has over 40 years of experience in asset management and financial research and analysis. He founded Quantum Advisors Private Limited in 1990, an India-based SEBI registered Portfolio Manager, a SEC-registered Investment Adviser, and as a "restricted portfolio manager" in the Canadian provinces of British Columbia, Ontario and Quebec. Mr. Dayal has worked with leading US and UK financial advisory and asset management firms either as a key member of the executive management team or through the Investment Advisor as a joint venture partner.
I.V. Subramaniam
Managing Director & Group Head (Equities)
CFA
I.V. Subramaniam "Subbu" has over 33 years of experience in the investment management and financial services industry. Since June 2000, Subbu has managed India-dedicated portfolios for Indian clients and since 2005, he has managed India-dedicated portfolios for international clients. Subbu received his Bachelor's degree in commerce from Osmania University in 1983 and his Law degree from Osmania University in 1986. He is a CFA Charterholder.
Arvind Chari
Chief Investment Strategist
Arvind has over 21 years of experience in tracking the Indian and global economy and as a dealer, analyst and portfolio manager in the Indian fixed income markets. Arvind joined Quantum as a Research Analyst in 2004 to build the fixed income and macroeconomic research function and to help develop fixed income products for Quantum Mutual Fund. In 2010, Arvind helped launch amongst the first open-ended India bond funds for foreign investors. Arvind holds a master's degree in Commerce and a master's degree in Management Studies from Mumbai University.
Piyush Thakkar
Chief Executive Officer
CA
Piyush Thakkar has over 25 years of experience across large and mid-sized Indian and Multinational organizations, of which 17 years have been in financial services industry. Piyush joined Quantum as Vice President-Finance in Jun 2010 and was Chief Operating Officer from Oct 2011 - Dec 2020. He was appointed Chief Executive Office in Jan 2021. Prior to joining Quantum, Piyush worked for 3 years at Marsh India as an AVP - Finance. He received his Bachelor's Degree in Commerce from Raipur University in 1996 and is a Chartered Accountant qualified from the Institute of Chartered Accountants of India.
Rajendra Thakkar
Head of Risk Control
CA
Rajendra Thakkar has over 24 years of experience in Operations, Accounting, Auditing and Client Servicing. Rajendra joined Quantum Group in 2009 and was leading the Operations team of Quantum Asset Management Co. Pvt Ltd till January 2012. He has been appointed as Head- Risk Control of Quantum Advisors Pvt. Ltd. from February 2012 onwards to manage Risk function at an Enterprise level. Prior to joining Quantum, he has worked with Edelweiss Asset Management Ltd as Head - Operations. He received his Bachelor's Degree in Commerce from Mumbai University in 1994 and is a Chartered Accountant qualified from the Institute of Chartered Accountants of India.
Ketav Chaphekar
Head – Compliance, Legal & Secretarial
Ketav is responsible for overseeing the Compliance, Legal & Secretarial function at Quantum Advisors and is designated as Chief Compliance Officer. Ketav holds post-graduate degree in Commerce (with major in Accountancy) from University of Mumbai (1997), is an Associate member of the Institute of Company Secretaries of India and a Graduate of the Institute of Cost Accountants of India. Ketav has overall 25 years' experience of which, 23 years related to the Investment Management industry. Prior to joining Quantum, he has worked with IDFC Asset Management and Franklin Templeton Investments (India).
Tehsin Lakkadghat
Head - Accounts & Finance
CA, CPA
Tehsin Lakkadghat has over 17 years of experience in the field of Corporate Accounting & Finance. Her previous work experience includes heading the Accounts Division of Trimax IT Infrastructure & Services Ltd where she was responsible for Accounts, Finance & Statutory Compliance. She received her Bachelor's of Commerce from Mumbai University in 2002, is a Qualified Chartered Accountant from the Institute of Chartered Accountants of India and is a Qualified Certified Public Accountant (CPA) from the American Institute of Certified Public Accountants (AICPA).
Amrit Gaba
Chief Operating Officer
CIPM
Amrit has over 21 years of experience in the financial services sector with expertise across Operations, Performance Analytics, Infrastructure, CRM implementation, Governance, and Business support. He assumed the role of Chief Operating Officer (COO) in May 2026 and works closely with the senior leadership team to drive strategic initiatives and organizational growth. Before joining Quantum, Amrit worked for 3 years at State Street Syntel Services, where he led a team to migrate the Performance Analytics project from London. He completed his Post Graduation in Management & Business Administration from Mumbai Educational Trust in 2004 and successfully cleared the CIPM program from the CFA Institute in 2015.
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Afrid Wadia
Head of Operations
Afrid Wadia has over 22 years of experience in financial services industry spanning Operations, Fund Administration, Quality & ISO, Client Servicing. Prior to joining Quantum, Afrid worked with Wipro as Head of Operations. He received his Bachelor's Degree in Commerce from Mumbai University in 1997 and Masters in Management Studies (MMS) from Mumbai University in 2000. He began his career in Indian Capital Markets with the Bombay Stock Exchange.
Sulekha Chaudhary
Head – Human Resources
Sulekha has overall 32 years' of experience of which, 26 years in Human Resource Management. She has managed HR in different industrial verticals such as Engineering, Petrochemicals, ITES and Hospitality, out of which she has headed Human Resource Function in Jost's Engineering Ltd, JSM Corporation and Ubisoft Entertainment. She received her Master's Degree in Human Resource Management from University of Pune in 1995.
Ajay Nanavati
BoardNon-Executive chairman and independent Director
Mr. Ajay Nanavati is a seasoned global executive with 35+ years of multi-country, cross-functional experience. He started his career with the Tata Group and joined 3M in India in 1988 as its first employee. He was responsible for forming the JV & building the organization from scratch. In the subsequent 28 years with 3M he held positions of increasing responsibility in different parts of the world. In 1993, he relocated to Singapore to manage the APAC region for the telecom business. He moved to divisional Headquarter in Austin, Texas in 1998 where he led the launch of a major new services diversification initiative for the corporation as well as integration of a large French/German acquisition. He spent the subsequent 4 years at corporate HQ in St. Paul, MN in senior strategy & new business development roles including identifying & leading the acquisition & integration of a new-to-the-company technology venture. In 2005, he moved to Israel as Managing Director of 3M Israel. He returned to India in 2008 as the first Indian MD of 3M's only public company outside the US. During this 5 year stint the company's revenues doubled, market cap quadrupled, a major R&D center was set up and local manufacturing ramped up. He is currently on the board of Alicon Ltd. Additionally, he is an active innovation evangelist on various forums, mentors start-ups/SME's and is an angel investor. He is the co-chair of the CII Directors Guild on corporate governance, a member of the CII Start-up council, Advisory Board of International Institute of Information Technology (IIITB) & Advisory Board of Israel Center, IIMB. Mr. Nanavati holds a degree in Chemical Engineering from Virginia Tech., USA.
Marsha J. Vande Berg
BoardNon-executive independent Director
PhD, MA
Ms. Vande Berg has extensive experience in the public and private sectors. She functioned for 9-year as Chief Executive Officer of a membership organization in the USA that delivers creative content via programming for public fiduciaries. During her tenure, she grew the organization into an influential and powerful thought leader in three of the most defining themes of the 21st century: the impact of investments in emerging markets, the role of financial institutions in the development of an economy, and the increased role of the Asia Pacific region in the global economy. Ms. Vande Berg holds a Doctor of Philosophy degree from Vanderbilt University and a Masters of Arts degree from Duke University, North Carolina, USA.
Hormazdiyaar Vakil
BoardNon-executive independent Director
Mr. Hormazdiyaar Vakil was a Partner in Mulla & Mulla & Craigie Blunt & Caroe, Advocates, Solicitors & Notaries. He enrolled on the roll of solicitors of the Bombay Incorporated Law Society in 1977, and was admitted as a solicitor of the Supreme Court of England in 1985. He was one of the specialist editors of the 11th Edition (1988) of Ramaiya's Guide to the Companies Act and has also contributed to the first and second editions of the India Investment Manual published by Asia Law and Practice, Hong Kong.
Praveen P. Kadle
BoardNon-executive Director
Bachelor's (Hons) in Commerce and Accountancy, Member ICAI
Mr. Praveen P Kadle joined the board of Quantum Advisors Private Limited as an Additional Director (Non-executive) with effect from November 26, 2020. Mr. Kadle is currently the non-executive Chairman of Tata Auto-Comp Systems Limited. He has been associated with the Tata Group for close to last three decades. He is on the boards of various Tata and non-Tata companies. Mr. Kadle is recipient of many recognitions and awards such as CFO of the Year Award in the years 2004, 2006, Best CFO in Auto Sector in the year 2007. Praveen was inducted in to "CFO - Hall of Fame" in 2008. He was recognized "Indian Business Leader of the Year" in 2015 by 'Horasis', a Global Leadership Institute and Best Indian CEO in Financial Services Sector by Finance Asia in 2017. He has also been associated with CRY (Child Rights and You), the most respected social sector player for last fourteen years as an Honorary Trustee and Treasurer and actively involved with various public charitable institutions. Mr. Kadle holds a bachelor's degree with Honours in Commerce and Accountancy from Bombay University in 1977. He is also a member of the Institute of Chartered Accountants of India since 1981.