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Nilesh Shah, managing director and chief executive officer of Axis Capital, has put in his papers. He has been associated with the Axis group for nearly three years. Shah had joined Axis Bank as president (strategic initiatives - corporate banking) in March 2011 and was later appointed head of Axis Capital. Before joining Axis, Shah was with ICICI Prudential AMC as chief investment officer (CIO).
In a statement, Axis Bank said, “Nilesh Shah has communicated his intent of pursuing opportunities outside the bank. Dharmesh Mehta, deputy chief executive, will, in the interim, oversee activities at Axis Capital.”
Shah, in a statement, said, “I am thankful to Axis Bank for giving me opportunities to build key businesses within the bank. Axis Capital is today well poised to take advantage of the arising opportunities.”
Sources told Business Standard that Shah is to join Kotak Asset Management Company as the fund house’s chief executive officer. An email query to Kotak regarding this could not elicit response.
A close colleague of Shah told Business Standard asset management had always been his first priority and the deal making business (investment banking) came the next.
Sector executives say Kotak AMC wanted a public face after the resignation of CEO Sandesh Kirkire. “Shah will not only perfectly fit as the fund house’s main face but the job will also complement his role as asset manager,” said a sector executive.
In the current year, Axis Capital has closed transactions aggregating $9 billion.
