Nilesh Shah, the managing director of Kotak Mahindra Asset Management Company, on Wednesday denied reports claiming that he will join the to-be-launched Jio BlackRock Mutual Fund as CEO. “There is absolutely no truth in this breaking news / story / rumour. Kindly ignore the rumour mill,” Nilesh Shah said on a post on micro-blogging platform X (formerly, Twitter).
Further, a spokesperson from Kotak Mahindra AMC said, “This is with regard to the recent posts circulating on social media about Nilesh Shah, MD & CEO – Kotak Mahindra Asset Management Company (KMAMC) moving to another AMC. We wish to clarify that it is not the truth and these posts are unsubstantiated and are unsolicited rumours.”
Earlier in the day, there were rumours floating on social media platforms that Nilesh Shah will be leaving Kotak Mahindra AMC to join Jio BlackRock MF.
Jio Financial Services Ltd (JFS) of Reliance Industries had, in July, announced that it has joined hands with global assets management giant BlackRock to create a 50:50 joint venture called ‘Jio BlackRock’. Jio Financial and BlackRock are targeting an initial investment of $150 million (about Rs 1,230 crore) each in the JV, RIL had said in statement. It has been reported that Reliance is in discussions with global and domestic executive headhunters to find a leader for its new venture.