Nishith Desai Associates (NDA) investment funds head, Richie Sancheti, who had been with the firm for 13 years, is due to join Algo Legal, we reliably understand.
Sancheti had joined NDA in 2007 right after graduating from GLC Mumbai, and had been managing NDA’s fund formation practice since the departure of Siddharth Shah in 2013 to Khaitan & Co.
Sancheti commented: “After 14 years at NDA, it was about a sense of rebooting from a professional perspective.”
“I look forward to set up and grow the Fund Formations practice at Algo, basis the deep seated technologies built into client deliverables,” he added.
NDA managing partner Nishith Desai commented: “Richie has been with the firm and my buddy in the fund practice for the past 14 years right from day one. He wishes to explore a new opportunity to do something different. Our blessings and good wishes to him. He is and will always remain part of NDA family.”
NDA Delhi-based leader Pratibha Jain added: “We wish him all the success in his new role.”
We understand that he will be setting up Algo’s funds practice in Mumbai. Algo has had a number of senior departures and joiners this year:
- lateral joiners: Namitha Mathews had joined as a Delhi disputes partner, and Ankit Guha in corporate.
- departures: Siddharth Manchanda and Minhaz Lokhandwala had moved to IndusLaw, Vinayak Mishra had joined Lightspeed in-house, and Archan Chakraborty and Vijay Santosh to PwC.
We have reached out to Algo for comment.
According to his Linked-in profile, he:
advises on optimum structures for setting up onshore and offshore investment funds. He advises fund managers in connection with the formation, carry allocation program and governance of private funds... [and] specializes in formation and operation of venture capital, private equity and open end funds that are focused on investing in India.
He has extensive experience in designing fund structures and advising on market terms. Richie is also a member of the firm’s international tax and private equity investment practice groups.
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Some more digging needed.
While Algo has been at the receiving end for the last couple of departures, and perhaps rightly so, this is truly a great come back, and from what I am picking up from the grapevine, a couple of more top tier lateral announcements are on their way...
My best wishes to all the entrepreneurs who dare to start on their own and make an impact - more competition will lead to a more efficient market.
Personally, i can't wait for Mohit Saraf to start on his own and create another solid alternative!
NDA's Fund Practice has always been the highest revenue generator if you see the massive billlings it has done over the years. Richie handled it really well post the departure of Siddharth. Just check the clientele base and target corpus of all the funds set up. Highest among all.
CC: Arnab, Navika, NCB
Winners gonna win.
Haters gonna cry.
Winners gonna laugh (all the way to the bank).
Or maybe you're the kind who still goes to the bank counter to withdraw some cash. Then another 3 words for you - Social Distancing, bro!
Also, the rumour is that the firm has given up its Bombay office (apparently they didn't pay. Rebt for 6 months) and has stopped paying the officer staff.
Still curious about pay structures?
Waiting for the trolls now...
1. Richie, despite all his pedigree, may find it a challenge to set up the practice at ALGo given the firm's atmosphere or not allowing people to thrive (there can only be one alpha personality in a small team like this).
2. Just having ppl from tier 1 law firms doesn't guarantee success. Several firms have tried it and failed. Inorganic growth is mote challenging than it appears (ask CAM delhi)
3. All comments seem to be focussed on what's wrong at ALGo rather than what's not with New joinees. After all, it is difficult to change a place's environment if things don't change right at the top.
All promotion/ joining articles are full of trollish comments.
Anu Tiwari joins CAM, people compare whether AZB or CAM is the worst.
Punita makes partner, instead of congratulating her people diss AZB politics.
Richie and Abhinav join Algo, all people can talk about is how everyone is doomed to fail at Algo.
Strange characters.
Wish him success in his new endeavor.
Nishith has always been encouraging to ppl. If you know the man - you'd understand that. But then again - ignorance is bliss.
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