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Canara Robeco Mutual Fund is seeing a churn at the top with two senior officials, Ritesh Jain- head of investments and Avinash Ramnath-head of sales and marketing, quitting the firm. Jain, who is serving his notice period, is said to be heading to Tata Mutual Fund as its chief investment officer while Ramnath’s next assignment is not known.
Jain and Ramnath were not available for comments. An email query to Canara Robeco’s chief executive officer Rajnish Narula did not elicit a response.
Last year, Canara Robeco hired two fund managers Ravi Gopalakrishnan, former chief investment officer of Pramerica Asset Management and Krishna Sanghavi, former fund manager with Kotak Mutual Fund to manage its equity funds after Soumendra Nath Lahiri moved to L&T Mutual Fund.
Canara Robeco managed assets worth Rs 8,850 crore as on March 31, out of which roughly Rs1,750 crore was in equities. The total assets under management of the industry were Rs 816,401 crore as on March 31.
The exits have come at a time when Japanese Financial Services firm Orix Corp is buying Dutch asset manager Robeco, which is the joint venture partner with Canara Bank in the Indian Mutual Fund business.
