L&T Mutual Fund, stepped into Fund Management Business back in September 2009 after it acquired DBS Cholamandalam AMC for Rs 45 crore and retained its CEO, Sanjay Sinha to head the team of 80 members under him.
The move happened after a series of exits from the company. Earlier this year, chief marketing officer Mohit Sachdev moved out of the organisation to join SREI Asset Management Company as the chief executive officer. In October last year, Anish Shah, vice-president, finance and operations, put in his papers to join Deutsche Bank. Earlier, Deepak Mehta, national head, retail sales, had quit to join UTI AMC.
Ashutosh Bishnoi, former executive director of UTI Mutual Fund, will supervise the operations of the company till the search for a new CEO is over.
N Sivaraman, President & Whole Time Director of L&T Finance Holdings, said: “The selection panel for the new CEO has been constituted and a search (for a CEO) is underway."
He further said, “Mr. Sanjay Sinha who has been the CEO of L&T Investment Management Limited has parted ways with the Company. We value Mr. Sinha's contribution in building the business while he was CEO of the Company. With immediate effect, Mr. Ashutosh Bishnoi former Executive Director of UTI Mutual Fund will supervise the operations of the Company supported by an executive committee comprising of the key executives of the organisation under the overall guidance of Mr. Ved Prakash Chaturvedi, Chief Executive - Capital Markets and Investment Management Group of L&T Finance Holdings."