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Shyam Shenthar, a senior member of the fast-growing investment bank Avendus Advisors, has quit. Shenthar is believed to be floating a boutique investment bank, reports The Hindustan Times. Three other members of Avendus are also joining Shenthar to float the new i-bank. They include Deepesh Garg, AVP (Consumer Products and Services), Shiraz Bhugwadia, AVP (Pharmaceuticals), and Ajit Nayar.

Shenthar was heading the Bangalore office of Avendus. Shenthar has told Hindustan Times that TR Srinivas of Taib Securities is also a part of the yet-to-be named firm. It will have offices in Mumbai and Bangalore.

Avendus, headed by Ranu Vohra, is one of the fastest growing i-banks in India, and it did 32 deals worth over $500 million last year. Avendus is also believed to be talking to private equity funds to fund their overseas expansion. It is also forming an India Growth Fund along with Mayfield Fund.

Shenthar tells HT that they are "looking at the boutique investment space and are aiming to approach the Japanese markets".