15 July 2009
Advent International, the global private equity firm, today announced that
Mr P. Jayendra Nayak has joined Advent’s Operating Partner Programme to advise on Indian investment opportunities, especially those in the financial services sector, and the development of Advent’s business in India.
Mr Nayak was formerly Chairman and CEO of Axis Bank, the third largest private sector bank in India. During his time at Axis Bank (2000 - 2009), Mr Nayak transformed it from a small operation comprising less than 100 branches and a deposit base of less than USD 1 billion into a profitable, full service commercial and retail bank with around 750 branches across India and a deposit base of approximately USD 21 billion. Under Mr Nayak’s leadership Axis Bank has also successfully expanded into international markets. Before joining Axis Bank Mr Nayak was the Executive Trustee of Unit Trust of India, then the largest mutual fund house in India. He started his career in the Indian Administrative Service culminating in his appointment as Joint Secretary, Government of India in the Department of Economic Affairs of the Ministry of Finance. During this period Mr Nayak was a member of the Board of Directors of the Securities and Exchange Board of India (SEBI), the stock market regulator and he has also been a consultant with the World Bank and the Asian Development Bank.
Georg Stratenwerth, Managing Director with responsibility for developing Advent International’s Indian operations, said, “Advent has been following the Indian market for some time and made its first investment in October 2007 in Computer Age Management Services Ltd (CAMS), a transaction processing company providing investor record keeping services for Mutual Funds and process outsourcing services to insurance companies in India.
“Many businesses in India are seeking to accelerate their growth both domestically and internationally and we expect to see more investment opportunities as this Private Equity market matures. With our plans to open an office in India in 2010, Mr Nayak’s extensive experience will be invaluable to Advent and our team as we develop our presence in the country. We are delighted to have Mr Nayak on board and look forward to working together at this exciting time in the firm’s expansion.”
Commenting on his new role, Mr Nayak said, “Advent is a very well respected global investor and its strong operational model will be very attractive to many Indian businesses looking to reach the next stage of their development whether that be in India or abroad. I look forward to combining my local and international experience with the investment strategy of the Advent team and the opportunities which that relationship will bring.”