Avendus Capital enters hedge fund biz

Mid-sized investment bank Avendus Capital today entered the hedge fund business to augment its alternative asset management vertical and has appointed Andrew Holland as the chief executive and Vaibhav Sanhavi as co-CEO.
Holland will report to Avendus Capital Managing Director and Chief Executive Ranu Vohra.
The company said Holland and Sanhavi will be joined by Piyush Shah. They were instrumental in building the proprietary trading team at Merrill Lynch, managing and advising USD 1 billion of capital.
The team has worked together for 11 years and have a good track record in long-short and long only strategies.
During their time at Ambit Capital, they established one of the first long-short funds in the country with an AUM of over Rs 1,100 crore, making it by far the largest alternative investment fund III category.

"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 said.