Jaideep Goswami’s move to quit Indian unit of Japan’s Daiwa Capital early this month and join ICICI Securities as co-head of equities comes at a time when some of the foreign firms, including Daiwa, are strengthening their equity businesses in India.
Goswami had been with Daiwa Capital since September 2008 and was heading the firm’s institutional broking business in India. A new appointment at Daiwa’s equities business is said to be the reason behind Goswami’s departure. Daiwa Capital had appointed Alok Vajpeyi as managing director and senior head of equities in May.
A financial industry veteran with 17 years of experience, Goswami started his career at UTI Securities Exchange after completing his post graduate diploma in management from Indian Institute of Management (Calcutta) in 1994. He worked at UTI Securities till 2002 and had stints with JP Morgan and HDFC Securities. In 2008, he joined UTI AMC as a senior vice-president and remained there till he was hired by Daiwa.
Goswami’s appointment is seen as an attempt by ICICI Securities to beef up its institutional broking business in India under its new chief Anup Bagchi, who took the reins of the firm in May this year.
Goswami, who holds a bachelors degree in mechanical engineering, has his work cut out for him. He will be building an institutional broking business in an environment where many players—such as Barclays, Espirito Santo, Jefferies, RBS and even his old firm Daiwa—are all chasing the same clients.
