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Financial Analyst / Panvestor


Ajay has been involved within the equities world for nearly 20 years. He started as a sell-side equity research junior analyst with JPMorgan, Mumbai in 2003. In 2005, he moved to Hong Kong with JPM to work alongside the Asian Utilities & Infrastructure research team before re-locating in 2009 & this time to Singapore focusing on Singapore/Malaysia Oil Services as well as Commodity traders (2009-2013). Thereafter, he spent nearly 14 years with JPMorgan’s Singapore research team expanding his responsibilities to include coverage of ASEAN Energy & Utilities space (2013-2022), ASEAN Head of Research (2018-2022) as well as Asia Energy Sector Head (2020-21).


As ASEAN Head of Research (2018-2022), Ajay was responsible for the leadership, management & product development of South-East Asia Research team over the period culminating in JPMorgan being recognized as #1 research team in every ASEAN Country by the 2022 Institutional Investor Poll.


Ajay has a Masters of Management Studies (MBA-equivalent) from Jamnalal Bajaj Institute of Management Studies (J.B.I.M.S.), Mumbai (specialization: Finance) as well as Bachelor of Commerce from University of Mumbai (specialization: Accountancy).


Ajay during his teenage days spent a few years undertaking Hindustani Classical Vocal training. In more recent times he follows his passion of cricket as well as UFC (Mixed martial arts).

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Panarchy Partners' focus on “Purpose” & “Stakeholder value” as part of its investment framework enables our endeavor to buy good companies which are good investments as well.

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