Mumbai, Aug 19 (PTI) Leading investment bank Avendus Capital, backed by the Wall Street private equity major KKR, on Wednesday announced new management roles for its three founders, under which incumbent chief executive Ranu Vohra is redesignated as the executive vice-chairman and Gaurav Deepak as the new chief executive.

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The Avendus Group was established in 1999 in Mumbai, and has grown to have presence in 10 cities across India, the US, the UK and Singapore.

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The management changes are in line with the ambition of the group to grow and scale up existing businesses, with a sharper focus on the evolving needs of clients, the Avendus group said in a statement.

"Based on our learnings over the last five years, we believe it is the right time to consolidate the organisation internally to maximise value for our team, clients and other stakeholders.

"The realignment of roles will help us focus on delivering the promise of One Avendus to our clients with better and more innovative solutions," the co-founders--Gaurav Deepak, Kaushal Aggarwal and Ranu Vohra, said in a joint statement.

While Vohra, as the new executive vice-chairman, will focus on expanding and deepening the client network and talent acquisition for the ‘One Avendus' agenda, Deepak, as the new CEO of Avendus Capital, will drive the overall business and be responsible for the performance.

The third co-founder Kaushal Aggarwal is the chief executive of Avendus Finance will continue to drive the credit solutions business, which is the largest part of the group's balance sheet. Avendus Finance will now also provide lending solutions across the firm.

“The three co-founders will continue to build the firm with a common vision, culture and strategy,” the statement said.

The city-based group, backed by KKR and Gaja Capital, provides services in investment banking, wealth management, credit solutions and asset management.

Commenting on the new roles for the founders, Sanjay Nayar, the head of KKR India and the chairman of Avendus board said, “Avendus is well-positioned to take advantage of the changes in the financial services landscape and rapid digitization of the economy. With its strong footprint in several high growth industries, Avendus is poised to bring together its solutions as One Avendus.”

Avendus Capital, the i-banking arm, since its inception has concluded domestic and cross-border deals worth USD 20 billion, while the asset management arm runs nine funds based on different strategies --private equity, long-only and alternates, and the wealth management vertical manages an AUM of USD 4 billion.

The credit solutions business offers funds to mid-market businesses and currently manages an AUM of over Rs 1,000 crore across multiple assets.

Avendus also manages the country's largest hedge funds with its flagship scheme Avendus Absolute Returns Fund.

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