For starters, Sanjay Sinha, head of equity at SBI Mutual Fund, has been made an offer by Mirae Asset, the Korean company that is setting up a beachhead.
MUMBAI: Jobs at existing asset management companies and at those being set up are there for the taking, it seems. Expect a flurry of changes as a spate of offers are made, taken or refused.
For starters, Sanjay Sinha, head of equity at SBI Mutual Fund, has been made an offer by Mirae Asset, the Korean company that is setting up a beachhead.
But with the success that it has enjoyed of late, SBI Mutual Fund seems keen to retain him and is said to have made a counter offer.
SBI Mutual Fund was named the mutual fund of the year at the CNBC TV-18 Crisil Awards ceremony recently, with four of its equity funds and its balanced fund, bagging the top honours in their respective categories.
“As on date, I still remain head of equity at SBI Mutual Fund,” Sinha told DNA Money.
The other AMC that’s rumoured to be taking a hit is Franklin Templeton, with Satish Ramanathan, vice-president, equity fund manager and senior research analyst, set to join Sundaram BNP Paribas Mutual Fund.
Neither Franklin Templeton nor Sundaram BNP Paribas Mutual Fund confirmed the development.
Ramanathan is set to take over the position left vacant by Anoop Bhaskar, who has joined UTI Mutual Fund as its head of equity. Ramanathan seems to be the perfect replacement for Bhaskar, who proved his mettle in mid-cap stock selection with the Sundaram BNP Paribas Select Midcap Fund. It is one of the best-performing equity funds today.
Ramanathan’s experience in managing the Franklin India Smaller Companies Fund and co-managing Franklin India Prima Fund (both with a mid-, small-cap orientation) should also help him fit better into Bhaskar’s shoes. In fact, it will be a second innings of sorts for Ramanathan, considering that he has worked with the fund house in its earlier avatar as Sundaram Mutual Fund.
With 32 asset management companies vying for a slice of the investor’s wallet, and a clutch of others, like UBS, Barclays, Bharti AXA and Shinsei on their way into India, fund managers are sure having a joyride.
“Fund houses are desperately trying to make stock-selection more process-driven, rather than make it depend on people’s abilities,” said K Sudarshan, managing partner at EMA Partners International, a head hunting firm.
But employee costs shooting through the roof at fund houses, industry opinion is that consolidation is inevitable.
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