A major “personnel crisis” is being witnessed in one of India’s leading boutique investment banks. Avendus Advisors is seeing key senior management people exiting the company to start on their own.
Shyam Shenthar, partner at Avendus, has left the company to start his own investment advisory that aims to target a largely untapped market for mergers and acquisitions and private equity in mid-cap companies. He was supervising the Capital Markets and Broking activities of Avendus. He is being joined by Deepesh Garg, Assistant Vice-President in the Consumer Products and Services Team, and Shiraz Bugwadia, Assistant Vice-President in charge of Pharmaceuticals and Healthcare from Avendus, and TR Srinivas of Taib Securities. The yet-to-be-named start-up will operate from Mumbai and Bangalore.
Avendus has been one of India’s ten top investment advisory companies and has completed deals worth well over $ 532 mn (Rs. 2300 crores) in the last two years. The company has declared 34 deals in the same period.
The development follows a shake-up in the company that resulted in restive executives looking for fresh opportunities. The new company plans to focus on the booming mergers and acquisitions space in India and intends to work with private equity players and the capital markets. The company would also look at wealth management services and financial services space.
Read the article in the Hindustan Times.
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