Trader accused by UK regulator of trying to create illegal investment arm for Anil Ambani.
Sachin Karpe after his exit from UBS Wealth Management following the investigation by the UK’s Financial Services Authority (FSA) into alleged illegal trades, Sachin Karpe has moved to India and has since set up two new businesses in the financial services industry.
Karpe lists himself as the founder of Home Loan Advisors Pvt Ltd in his LinkedIn profile. He also calls himself the founder of Altamount Capital Management Pvt Ltd.
The Financial Times (FT) had reported this week the UK markets regulator FSA had told a London tribunal that Karpe had tried to structure an investment vehicle for Reliance Group Chairman Anil Ambani. The FSA fined UBS £8 million in November 2009 for systems and controls failures in relation to the case, as well as unauthorised foreign exchange trading on the Asian desk. Karpe is challenging a £1.25 million fine that the FSA intends to levy in a London tribunal, claiming that senior UBS executives were aware of his activities, the FT reported.
When contacted, a senior Altamount executive said, “It’s a five-year-old case and Mr Karpe is fighting the case in his personal capacity. Altamount has no link with the old case”.
Karpe’s wife Richa is the face of Altamount Capital Management and has represented the firm in many media interviews.
As Director, Investments, at Altamount Capital Management, Richa looks after the asset allocation strategy for clients. She handles the portfolios of ultra-high net worth individuals and families as part of Altamount Capital Management. Altamount was set up in 2009.
Muralidhar Kadaba, a former Reliance Retail official, is the chairman of the company. The organisation helps the rich manage their wealth and looks after various components of their financial needs such as philanthropy and inheritance planning in addition to traditional wealth management services.
Home Loan Advisors Pvt Ltd (HLA) is India’s first independent mortgage advisory company.
“Our focus is on understanding and analysing the client’s needs and then advising them on the best financing options available, matched to their specific financial requirement and financial background. Our independence ensures that we are not exclusive to any one particular mortgage provider and we are able to source the best option from the entire mortgage universe. We manage the entire home financing process, from picking the right lender to documentation to loan disbursal. We also remain the clients advisor for the entire life of the loan,” the HLA website said.
