New Delhi: Investment bank Avendus Capital has hired the entire top management of Ambit Investment Advisory, including CEO Andrew Holland, managing director Vaibhav Sanghavi and marketing head Bhautik Ambani, it said in a statement on Thursday.
Holland joined Ambit in 2008 and was managing its flagship hedge fund, Ambit Alpha, which has now been acquired by financial services group Edelweiss for an undisclosed amount.
Edelweiss announced the transaction on Thursday.
Avendus Capital is controlled by US private equity firm KKR and Co., which invested an undisclosed amount in the company to acquire a majority stake, Mint reported last year.
The hiring of Holland and the team—which includes fund managers and research analysts—is part of Avendus’s plan to enter the hedge fund business to expand its portfolio of alternative asset management businesses.
Holland will report to Ranu Vohra, managing director and chief executive of Avendus. Sanghavi has been appointed as co-chief executive of the proposed hedge fund business. Before joining Ambit, Holland was managing director, strategic investment group, with Merrill Lynch in India.
Holland and Sanghavi will be joined by Piyush Shah who was instrumental in building the proprietary trading team at Merrill Lynch, managing and advising $1 billion of capital, according to the statement.
At Ambit, the team had set up one of the first long-short funds in India. Ambit Alpha Fund is the largest category III Alternative Investment Fund (AIF) in India.
It was launched with assets under management of Rs20 crore in June 2013, raised from Ambit Holdings and some individuals.
It has assets under management of Rs1,100 crore currently.
“Andrew has an impeccable reputation and we are fortunate to have Andrew, Vaibhav & team work with us at Avendus. We look forward to working with them on long-short and long-only strategies and taking our business to the next level of growth,” said Vohra.
“We believe our partnership will quickly become a formidable and leading alternative asset management business, both local and globally. We expect to leverage KKR’s deep relationships for launching the AIF globally,” Holland said.