Indiabulls MF's Raghav Iyengar tipped to join Axis MF as Chief Business Officer

Indiabulls Mutual Fund's Chief Executive Officer Raghav Iyenger is on his way out, and will join Axis Mutual Fund as its Chief Business Officer, sources told Moneycontrol.

"Raghav is still in the process of moving out. He is in a transition phase as someone needs to be appointed before he leaves," a senior source from Indiabulls Mutual Fund said.

Axis Mutual Fund did not confirm Iyenger's appointment. However, a source at Axis Mutual Fund on condition of anonymity said that Iyengar will be joining the company by November-end or December.

Iyengar has more than 20 years of experience in the mutual fund industry. He has been involved in a wide range of roles, including retail penetration to implementing strategy for new products and markets for various Asset Managers in India.

His exposure to the capital markets during the early stages of his career helped him understand the retail markets in a better way.

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Himadri Buch

Assistant Editor|Moneycontrol.com

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In June 2018, after working for more than 12 years with ICICI Prudential Mutual Fund, Iyenger joined Indiabulls Mutual Fund as CEO. At ICICI Prudential Mutual Fund, he served as executive-vice president leading retail and institutional sales business.

The average assets under management (AAUM)  of Axis Mutual Fund, the ninth-largest fund house stood at Rs 1.05 trln as at Sep-end quarter, up 3.23 percent from a quarter ago.

At the end of September quarter, the AAUM of Indiabulls Mutual Fund stood at Rs 2,237 crore, down 50.62 percent from June quarter. With this, the fund house stands at 32nd position among 40 fund houses.