Sudip Bandyopadhyay, former managing director of Indian billionaire Anil Ambani’s Reliance Money, has started a financial services company backed by private equity firm CX Partners. Bandyopadhyay’s Convexity will offer equity broking and portfolio advisory services with a focus on derivatives, according to an e-mailed statement recently as reported by Bloomberg. Bandyopadhyay quit Reliance Money and joined Spice Group to head its financial services business in November.
CX Partners, a $500 million buyout fund whose investors include Goldman Sachs Group Inc. and JPMorgan Chase & Co., will name two people to Convexity’s board, according to the statement. The fund is managed by Ajay Relan, a former managing director of Citigroup Inc.’s private equity arm in India.
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