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Apollo Global Management's India head moves into senior advisory role

Mintoo Bhandari, head of India for New York-based hedge fund Apollo Global Management LLC, will step down from day-to-day fund management and move into a senior advisory role, The Economic Times reported Feb. 8, citing "three people with direct knowledge of the development."

Bhandari will relocate to the U.K.

Kalpesh Kikani, Parth Gandhi and Utsav Baijal will lead Apollo's operations in India and Aion Capital Partners, Apollo's joint venture with ICICI Bank Ltd.

Aion will be the default vehicle for distressed asset and private equity investments for the firm, though legacy investments under Apollo's management will continue, one of the people said.

Meanwhile, Apollo will continue to expand its real estate and credit businesses in India, sources told the publication.

An Apollo spokesperson offered no comment when contacted by the publication.