Axis Asset Management Company (AMC) has appointed B Gopkumar as its managing director and chief executive officer (MD & CEO) in place of Chandresh Nigam, who is leaving the asset manager after a stint that lasted for almost 14 years, the fund house said in a press release.
Gopkumar, presently the MD & CEO of Axis Securities, will take over the reins of Axis AMC from May 1, 2023. Gopkumar joined Axis Securities as the MD and CEO in October 2019. Nigam has been with the AMC since 2009, first as the head of equities and then as its MD and CEO.
The company has also brought in former Credit Suisse executive Ashish Gupta as the Chief Investment Officer. Before Gupta’s appointment, Axis MF did not have a CIO. The investment team was led by Jinesh Gopani (Head-Equity) and R Sivakumar (Head-Fixed Income).
Gupta left the Zurich-based bank in November 2022 after a 14-year stint. He is known for his ‘House of Debt’ report that first uncovered the extent of non-performing assets (NPAs) in the Indian banking industry.
The changes at the helm come weeks after the Securities and Exchange Board of India (Sebi) released its interim order against Axis MF’s former chief dealer Viresh Joshi over front running allegations. The order barred Joshi and 19 others from accessing the capital markets. The regulator ordered the impounding of Rs 30.6 crore — total wrongful gains earned from front-running activities.
The new appointments are seen as an exercise to restore investor confidence impacted by the front-running saga.
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