B. Gopkumar will replace Chandresh Nigam as the managing director (MD) and chief executive officer (CEO) of Axis Asset Management Company Ltd. (AMC), the fund house announced on Thursday after a front-running scam rocked the company recently.
Axis AMC board has accepted Chandresh Nigam’s decision not to apply for reappointment at its meeting on Thursday. Nigam’s tenure will expire on April 30, 2023.
B. Gopkumar will replace Chandresh Nigam as the managing director (MD) and chief executive officer (CEO) of Axis Asset Management Company Ltd. (AMC), the fund house announced on Thursday after a front-running scam rocked the company recently.
Axis AMC has been in the spotlight for about a year over a “front-running” scam.
Nigam, who helmed the position over the last 10 years, has requested not to be considered for reappointment to pursue other interests, the company said in a statement. Nigam led Axis AMC for two terms through its extremely strong journey of growth, it said.
The board of Axis AMC accepted his decision at its meeting on Thursday. Nigam’s tenure will expire on April 30, 2023.
The board, the statement said, unanimously placed on record, their appreciation for his invaluable contributions and his leadership during his tenure with Axis AMC.
As part of its internal succession plan, B. Gopkumar, currently the MD & CEO of Axis Securities, has been approved by the board to be the MD & CEO of Axis AMC from May 1, 2023, till April 30, 2026, subject to receipt of requisite approvals.
Pursuant to this movement, the internal succession process at Axis Securities has been initiated, it said. Gopkumar joined Axis Securities as the MD & CEO in October 2019 and has over 28 years of professional experience in the financial services industry in areas of sales and distribution, managing large teams, marketing & branding, etc.
To further strengthen the leadership, Ashish Gupta has joined Axis AMC as its chief investment officer of the mutual fund. Most recently, Gupta was the head of India equity research at Credit Suisse.
Having tracked the Indian markets for over 25 years across 15 varied industries, actively covering 130 stocks with an aggregate market cap of over $2 trillion, Gupta has a strong understanding of global and regional macroeconomics, the statement added.
Commenting on the appointments, Amitabh Chaudhry, chairman of Axis Asset Management Company Ltd., said, “With these appointments, Axis Mutual Fund will look forward to capitalising on Gopkumar’s experience and leadership in building large distribution businesses, and Ashish’s deep understanding of capital markets and its constituents.”