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Daiwa Capital Markets, a leading investment bank, has appointed Alok Vajpeyi as managing director and senior head of equities. Based in India, Vaipeyi will be responsible for the firm’s equities operations. He will be reporting to Shoichi Saito, regional head of equity sales and sales trading, and also to Nagahisa Miyabe, head of Asia-Pacific Research. Locally, Vajpeyi will report to Aditya Rattan, president, and Hiroaki Kato, joint president.

Alok Vajpeyi has over 27 years of experience in building and managing diverse and large-scale financial services business in India.

Aditya Rattan, president of Daiwa Capital Markets India, said, “We are delighted to have Alok join our equities team. His experience over the years will help us build a world class franchise in India.”

Vajpeyi was previously the vice-chairman and managing director of Dawnay Day AV, and also served as the president of DSP Merrill Lynch Investment Managers.

In 2008, New Silk Route Advisors, a private equity firm, acquired the joint venture firm, floated by UK-based Dawnay Day and Alok Vajpeyi. Since then, it has been renamed to Destimoney.

Dawnay Day AV was sold after the parent company Dawnay Day was unable to continue with the operations of the firm due to liquidity crunch. Vajpeyi had tied up with Dawnay Day International in 2005 to set up Dawnay Day AV, which provides services like stock broking, derivatives, third-party mutual fund products and wealth management services. Vajpeyi held 25 per cent stake and the remaining 25 per cent stake is held in a trust for the management.

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