Sandeep Sabharwal, CIO Lotus MF quits

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Temasek's launch party for its mutual fund, Lotus Asset Management may have just turned sour. In an unexpected move the fund's CIO Equities, Sandeep Sabharawal put in his papers, reports CNBC-TV18.

Personal reasons have been attributed for his resignation. But according to distributors, who were in talks with Lotus Mutual Fund about fund's equity launch, this will have a dampening impact on the fund's launch as Lotus Mutual Fund was going to launch an equity fund that was its Contra Fund. This fund is still awaiting SEBI approval though the road shows seem to have begun.

They have tied up with close to 4,000 distributors and that is a mega launch for any equity fund. Sabharawal was earlier the fund manager at the SBI Mutual Fund and he was popular for the kind of performance that SBI's Contra Fund gave.

Lotus Mutual Fund has confirmed that Sandeep Sabharawal is quitting. The fund has told CNBC-TV18 that Sandeep has resigned with immediate effect.

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