Prateek Jain has resigned as the chief financial officer (CFO) of Nippon Life India Asset Management Ltd (NAM India) citing personal reasons.
The asset management firm said in a regulatory filing on Friday that on Jain’s request, he was relieved of his duties with immediate effect — by the close of business hours on December 29.
“The company is simultaneously commencing the process of finding a suitable replacement. The company acknowledges his contributions during his tenure of almost 11 years,” it added.
Jain said in his resignation letter that his decision arises from concerns “around my personal/family considerations, which I must reconcile at this stage of my life,” he said.
“I am grateful for the over decade-long association with NAM India. I have worked with great satisfaction to see its AUM grow more than four times and profits more than three times. I have had the privilege of overseeing the acquisition of Goldman Sachs’ portfolio, NAM India’s IPO and several other achievements,” he said while thanking the board.
Shares of Nippon AMC ended with gains of 2.91 per cent, or Rs 12.65, at Rs 446.95 on Friday. The announcement of Jain’s resignation was made after market hours.
The asset management firm was recently in the news when IndusInd Bank sold its entire 2.86 per cent stake for Rs 795 crore through open market transactions. These shares were offloaded through 13 tranches, wherein the private sector lender sold 1,78,57,355 shares, on the BSE. These shares were disposed of at an average price of Rs 445.35 apiece, taking the combined transaction value to Rs 795.27 crore.
SBI Mutual Fund (MF), ICICI Prudential MF, Bajaj Allianz Life Insurance, ICICI Prudential Asset Management Company, Societe Generale and Morgan Stanley Asia Singapore, were among the buyers.
