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Komfie Manalo, Opalesque Asia:

Mid-sized investment bank Avendus Capital, based in Mumbai, India, has hired Ambit Investment Advisory chief executive officer Andrew Holland and Vaibhav Sanhavi as well as 10 other top management executives of the firm as it enters into the hedge funds business. Holand and Sanhavi were hired as CEO and co-CEO of the newly-established Avendus’ new company focused on hedge funds to augment its alternative asset management unit.

Avendus co-founter Ranu Vohra said the new hedge fund would use long-only and long-short strategies to augment its existing business of of Avezo Advisors Pvt Ltd (Avezo), a joint venture firm with Zodius Capital. Avezo is headed by Neeraj Bhargav with $200m in assets that are invested in across technology companies and PIPE deals, said VC Circle. Avezo is a SEBI-registered portfolio management entity.

"We are very excited to have one of the most experienced and respected teams in the alternative asset management business join us. With Andrew and team will take our business to the next level of growth," Vohra was quoted as saying.

Vohra explained that Avendus is targeting to manage $2bn over the next five years with the launch of its hedge fund business. Currently, the unit would be managed under Avendus’ alternative asset management business but a brand name would be decided after the team i......................

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