Financial market upturn fuels job boom
India’s booming financial market is triggering top-level executive movements like never before.
Top-level executive changes are happening across the entire spectrum of financial services industry as more international players open shops in India.
Last week, Sanjaya Sachdev, CEO and MD Principal PNB AMC, quit after heading the assets management company for more than seven years. Sachdev is expected to pursue “entrepreneurial opportunities.”
Two months ago, Ravi Mehrotra of Franklin Templeton AMC quit to join AIG, the India arm of American Investment Group. Merril Lynch, which has bought out its local partner, is bringing in top-level executives from its global headquarters as part of a strategy to tighten grip over operations.
Rajiv Garg, who had been with Merril’s global operations, has recently been moved to India to head the fixed income business. Sources said that Merill was planning to bring in more international managers.
Investment banking firms are also on a hiring spree. Merril Lynch is in the process of hiring more people. Goldman Sachs, which is planning to make heavy investments in India, is also understood to be on a recruitment spree.
There is a buzz is that Bharti Axa, the joint venture venture asset management company, is roping in a CEO.