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Alagappan Murugappan has left private equity fund Deeva Partners which he helped found a year ago to join back at ICICI Securities. Murugapan is joining as head of the equities business at ICICI Securities, the investment banking subsidiary of ICICI Bank, reports FinanceAsia.com. The move back to investment banking is strange since a private equity job is still fancied by an investment banker.

Murugappan had left ICICI Securities in early 2004 to join Actis (erstwhile CDC) as an investment principal. He was responsibile for leading and coordinating fundraising activities relating to South Asia and for deal generation in India. In early 2006, he moved to Deeva, as one of the three founding partners. The fund had secured about $100 million of international seed funding, according to FinanceAsia.com.

Murugappan is filling in the position of Devesh Kumar who had left I-Sec a few months ago to become an entrepreneur.