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Mumbai, Nov 30: Rajiv Shastri, head of debt funds at ABN Amro Asset Management Company (AMC), is likely to quit shortly and take over as chief executive officer (CEO) of Sahara Asset Management Company.
Confirming the development, a senior official of the Sahara Group told FE: “Mr Shastri is expected to formally take over as chief executive officer of the asset management company in early 2005.
This forms part of our aggressive strategy to make a mark in India’s mutual fund industry.”
“R Balakrishnan, the current chief executive officer of Sahara Asset Management Company shall make an upmove as director in the board of the asset management company,” the official added.
This also comes at a time when Sahara Asset Management Company has drawn up ambitious expansion plans to recast itself in the mutual fund space.
The asset management company, following its merger with First India Mutual Fund in April 2004, has also drawn up plans to increase the number of branches to 25 from the current five, besides doubling the staff strength to 80 in six months.
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