US lender Wells Fargo Group has shut down its real estate investment advisory arm in India, in a sign of growing investor discontent in India.
The real estate advisory arm was not seeking any fresh investment and has been asked by the parent company to wind up the real estate investment team, according to local media reports.
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The company has cut back its staff and given severance package to employees who were part of the real estate advisory team.
Puneet Bhatia, a senior vice-president real estate Asia at Wells Fargo, has already joined Shapoorji Pallonji Investment Advisors as director and head of investments after working with Wells Fargo for over six years.
While, Sandip Kundu, who is the managing director, is also in the process of moving out and launching a fund, the reports suggest.
Kundu has joined Wachovia, a part Wells Fargo Group, in 2006 to head the India real estate investment platform.
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By GlobalDataWells Fargo’s real estate arm has so far invested around INR1.5 billion in Indian real estate over the past four years.
