Atul Mehra, joint MD of JM Financial, has been appointed the managing director and chief executive officer at rival investment bank Axis Capital, in one of the biggest transitions in recent years in the world of Indian deal-makers.
The proposed move was first reported by Moneycontrol on January 20.
"Atul will be overseeing both the Investment Banking and Institutional Equities businesses of Axis Capital," an official announcement on April 1 said.
The appointment underscores Axis Capital's commitment to fortifying its leadership team and reinforcing its position as a preferred investment banking partner, it said.
Mehra has a rich experience of more than 32 years with strong relationships across leading Indian corporates and has led some of the most marquee ECM and M&A transactions in both domestic and international markets.
"In conjunction with Atul’s appointment, Axis Capital is also delighted to welcome Parag Gude, a Morgan Stanley veteran as the COO – Institutional Equities and Dhaval Desai as Head – Cash Equities," the annoucement said
Axis Capital chairperson Amitabh Chaudhry said, “In line with Axis Bank’s stated objective of strengthening the investment banking and institutional equities businesses, I am delighted to welcome Atul to Axis Capital. I am confident that Atul will strengthen the business and further cement its leadership position. We would also like to thank Salil for his contribution and wish him the very best.”
Mehra said the Indian investment banking landscape is at an inflection point, with the India story finding resonance across the globe. "Leading an investment bank like Axis Capital is a very exciting proposition. The foundation of Axis Capital is the robust network of premier institutional investors spanning India, the US, Europe, the Far East & the Middle East. These relationships have been nurtured through continuous engagement, leveraging comprehensive research capabilities and unique market insights provided by the extensive network of Axis Capital and Axis Bank with Indian organidations,” he said.
The announcement also added that Salil Pitale, who served as the MD & Co-CEO for five years, has decided to move on. The Axis Capital board placed on record its appreciation for his invaluable contribution and leadership during his tenure with Axis Capital, it said.
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