SK Mitra is new CEO of Birla Sun Life AMC

Our Banking Bureau

Mumbai, Nov 19: Mr SK Mitra, director, financial services, Aditya Bira Group, and Mr Nani Javeri, general manager, Oman Internatinal Bank, have been appointed as the new chief executive officers of Birla Sun Life Asset Management Company and Birla Sun Life Insurance respectively.

Mr Mitra, who will also be a director of the AMC and Mr Javeri are scheduled to join their new assignments on December 1 and 2 respectively. Mr Mitra will continue to be director of the Aditya Birla Financial Services.

The existing incubment of life insurance company Mr Vijay Singh is returning to Canada while Mr Jermy Beswick of AMC is returning to the UK after completing their terms.

The Aditya Birla group and Sun Life Financial also announced a management restructuring plan of their joint venture by inducting two members from each partner in the new management structure of the four joint venture companies, Birla Sun Life Asset Management, Birla Sun Life Insurance Company, Birla Sun Life Distribution Company and Birla Sun Life Securities with effective from January 1.

While Mr BN Puranmalka, director of Birla Management Corporation, Mr Douglas Henck and Mr Gary Comeford from Sun Life Financial, will join all the four joint venture executive committees, Mr Sushil Agrawal of the Aditya Birla group will join the asset management executive committees.

The four joint ventures will remain under the control of both the Aditya Birla group and Sun Life Financial through the joint venture boards led by Mr Don Stewart and Mr Kumar Mangalam Birla.
Addressing a press conference, Sun Life chairman Don Steward said the financial conglomerate will be investing around over Rs 300 crore for expanding the life insurance operation of the joint venture.