Religare Capital Markets, the Indian-owned investment banking group, has made its fourth high-profile appointment in less than three months as it steps up its bid to become the premier emerging markets investment bank and institutional broker.

The group, which is the investment banking and institutional broking arm of Indian conglomerate Religare Enterprises, has recruited former Icap portfolio trading head Phil Hodey as global chief operating officer within its equities business, responsible for developing the bank's equities trading infrastructure including electronic trading systems.