New Delhi, Aug. 3 -- Peak XV Partners- and TVS Capital-backed wealth and asset management platform Neo Group has appointed veteran investment banker Vikas Khattar to build and lead its investment banking business, according to three people with knowledge of the development.

Khattar, currently co-head of investment banking and head of equity capital markets (ECM) and the financial services group at Ambit Capital, will build Neo's merchant banking business from the ground up, the people said.

The move reflects a broader trend of new-age financial services firms branching into investment banking as India's fast-growing wealth management industry fuels demand for capital markets and advisory services.

"The firm has applied for merchant ban...