Ex-bank chief joins Advent

Global private equity firm Advent International has added former chairman and CEO of India’s third largest bank, Axis Bank, to its operating partner programme.

P. Jaynedra Nayak will advise on Indian investment opportunities, with a particular focus on the financial services sector.

Prior to Axis Bank, he was the executive trustee of mutual fund house, Unit Trust of India. He began his career in the Indian Administrative Service, leading to his appointment as joint secretary in the Department of Economic Affairs of the Ministry of Finance.

During his tenure in the Indian government, he was a member of the board of directors of the securities and exchange board of India, the stock market regulator and a consultant for the World Bank and Asian Development Bank.

Nayak is the second recruit Advent has made to its operating programme in 2009. Earlier this month, the firm announced that former chairman of Merrill Lynch Bob Wigley would be joining the programme, advising on opportunities in financial services in Europe.