To float own ventures; Vice Chairman Alok Vajpeyi will put in his papers soon.
In one of the most high-profile exits in recent times, the top management team at Dawnay Day AV has moved out to float their own ventures.
Sources said that Alok Vajpeyi, vice-chairman of the firm, was also planning to move and might quit in the next few months. Dawnay Day AV was acquired by private equity fund New Silk Route in August last year, valuing the company at Rs 200 crore.
“I have sold my stake. So, I will be exiting in a matter of time,” confirmed Alok Vajpeyi.
Vajpeyi sold his entire 25 per cent stake in the company to New Silk Route.
The top team included Arpit Agarwal, group chief executive officer & managing director, Surbhi Gupta, executive director, Seshadri Bharathan, head of stock broking, Sajjan Desai, head of Research, and Yogesh Bajaj, business head, distribution.
While Arpit Agarwal is starting his own private investment firm ARYSS Knowledge Partners with Surbhi Gupta, Seshadri Bharathan is planning to start a financial services firm. Alok Vajpeyi did not specify his next move.
New Silk Route has appointed Vivek Vig as managing director of Dawnay Day AV. Vivek was country head, retail banking at Centurion Bank of Punjab. B Subramani, who was a senior vice-president with Dawnay Day AV, has also left to start his own HR consultancy firm A2Z Consultants.
ARYSS Knowledge Partners will be looking to acquire distressed assets and will also foray into education space by setting up high-end wealth management and financial education business. The education business will be a greenfield project and ARYSS is currently in the process of designing course content. The funding for both these businesses will be done by private investors.
Sources said that the acquisition of Dawnay Day AV by New Silk Route was completed, but regulatory approvals for some of the proposed businesses were awaited.
The company will be renamed, once the regulatory approvals are received. Dawnay Day AV had to be sold after the parent Dawnay Day started facing troubles due to liquidity crunch.
Vajpeyi, who was earlier with DSP Merrill Lynch, forged a tie-up with Dawnay Day International in 2005 to start Dawnay Day AV.
Dawnay Day AV provides a host of services, which include stock broking, derivatives, third-party mutual fund products, and wealth management services.
