FOUNDER / CEO / CIO

Ben Watsa is CEO, CIO, and Founder of Marval Capital Ltd. ("Marval") which began operations in 2017. Marval is an investment firm that focuses on the Indian market, specializing in small and mid-cap publicly listed companies. The firm manages $400 million in assets under management.

Mr. Watsa has over two decades of experience in the investment industry. In 2001, he launched his career and spent over five years as an investment banker in the Financial Institutions Group at Banc of America Securities and then at Cochran Caronia Waller. Mr. Watsa then transitioned to Lissom Investment Management Inc. ("Lissom"), where he served for 11 years, ultimately becoming a Partner and Portfolio Manager. Mr. Watsa managed Lissom's small and mid-cap North American equity fund for six years at Lissom and six years as a sub-advisor at Marval.

In addition to Marval, Mr. Watsa serves as; Chairman of Fairfax India Holdings Corporation and a director of Fairfax Financial Holdings Limited, the advisory board of Impression Ventures, and has been honoured with the position of director emeritus for his work and contributions as a director and the Vice Chair of the Investment Committee for the Rideau Hall Foundation.

Mr. Watsa received the King Charles III Coronation Medal (2025) and was named one of the Top 50 Under 50 Indo-Canadian leaders (2023). He is also a member of the Young Presidents’ Organization.

HEAD OF RESEARCH

Alok Deshpande is the Head of Research and a Senior Advisor to Marval Capital Ltd. Mr. Deshpande has nearly 20 years of experience covering the Indian equity markets, covering a gamut of sectors over the years. Prior to Marval, Mr. Deshpande was the Small & Midcap (“SMID”) Strategist at Nuvama Institutional Equities for seven years, spearheading a highly successful SMID research product ‘Winners, Warriors & Value’, making him the only SMID generalist in India. During his tenure at Nuvama, Mr. Deshpande also maintained a collaborative dialogue with Mr. Watsa for over five years.

Mr. Deshpande began his career at BNP Paribas, and then over the next decade, played an integral role in several other reputed research teams such as HSBC India Research. Mr. Deshpande holds a Masters degree in Investment & Finance from the UK.

HEAD OF OPERATIONS

Ait Vongmaholay is the Head of Operations at Marval Capital Ltd. and brings a wealth of expertise to the table. Prior to Marval, Mr. Vongmaholay served an impressive 18-year tenure at the Royal Bank of Canada (“RBC”). He earned recognition as a standout contributor to the organization, consistently raising the bar and driving meaningful results. Ait’s dedication and exceptional performance were acknowledged through a series of awards, a testament to his unwavering commitment to excellence and impact. These accolades include quarterly and annual honors, showcasing his sustained ability to deliver high-caliber work and achieve notable milestones within RBC including; Top Canadian Performer Of The Year (2011), Annual Performance Award (2015, 2019), and the Quarterly Catalyst Award (2008 x2, 2011 x2, 2014, 2016, 2019)