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John Band quits ASK Raymond

BS Corporate Bureau

John Band, chief executive of investment bank and brokerage house ASK Raymond James, has put in his papers. Band is planning to start his own investment banking company.

Band shot into the limelight after managing two highly-publicised hostile takeovers over the last 18 months: one led by Abhishek Dalmia on Gesco Corporation, and the other by stockbroker Radhakishan Damani on BAT Plc-controlled VST Industries.

However, in both cases, the attempted bids were not successful. "I am now planning to set up an investment bank and one or two persons from the present team of ASK Raymond James may join me. An announcement will be made in a week or two," Band said. He cited the desire to be out on his own after over four years in the same organisation as the reason for his move.

Band said that he was in talks with three prospective joint venture partners but declined to divulge further details. Market sources, however, say the entire investment banking team of ASK Raymond James was likely to move out with Band.

Band, in late-2000, advised the Delhi-based real estate developer Abhishek Dalmia in a takeover bid for another realty firm, Gesco.

Though Dalmia had to withdraw when Gesco got a white knight in the Mahindra group, he made a profit of over Rs 100 million on the investment.

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