Aashish Somaiyaa, the Managing Director and CEO of Motilal Oswal Mutual Fund, has resigned from the fund house after a seven year stint, three sources told Moneycontrol.
The parent company of the AMC, Motilal Oswal Financial Services did not confirm his move, however, a source confirmed his move and said, “Tomorrow (July 31st) the company will make an official announcement to the media post the Board meet.”
Several calls made to Somaiyaa to know his next move remained unanswered, but industry people known to him say he is keen to join a startup.
If market grapevine is to be believed, then Somaiyaa is likely to join a four year-old NBFC, InCred, which was founded by former Deutsche banker Bhupinder Singh.
As on June-end quarter, the average assets under management of Motilal Oswal Mutual Fund that offers 21 schemes dropped by Rs 2,726 crore quarter-on-quarter basis to Rs 17,230 crore.
In January 2013, Somaiyaa was appointed as CEO of the Motilal Oswal AMC Business, a part of Motilal Oswal Financial Services.
In the January to March quarter of 2013, the AUM of Motilal Oswal AMC was merely Rs 538 crore, and under Somaiyaa's leadership it has grown to over Rs 17,000 crore.
Somaiyaa, holds a Bachelor of Engineering in Polymer Science and a Masters in Management Studies in Finance from Narsee Monjee Institute of Management Studies (NMIMS), Mumbai. He has 20 years of experience in the financial industry and has also worked with ICICI Prudential AMC and Bharti AXA Investment Managers.
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