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Nilanjan Dey

Kolkata , Sept. 14

ALLIANCE Capital MF, which will shortly see its schemes migrate to Birla MF, is learnt to have mandated a HR company to help its employees cope with the transition.

According to information available, the consultant has worked out an elaborate programme, including a special analytical test, for the departing fund house's 50-odd personnel.

Alliance's decision to engage the consultant stems from a need to assist those who have stayed with it till the end, despite the critical regulatory issues that have cropped up recently , indicated Mr Rajnish Narula, CEO.

The idea, he added, is to ensure that the people involved have a smooth changeover.

The consultant, which has already asked the fund's staffers to undergo online assessments, has started to conduct its programmes in key centres.

Alliance has been operating in India through several offices for managing schemes, which are mostly equity-oriented.

Without disclosing the consultants' identity, Mr Narula said that the move would assist his colleagues in different ways.

"It will help us look beyond Alliance and all that it stood for", he told Business Line, adding that the fund house has lately gone through a process of evolution, marked by strict measures taken by SEBI.

Following such action, the mutual fund witnessed a long-drawn legal process, and, finally, Alliance Capital decided to move out of India.

As of now, a section of the Alliance employees is said to have come up with new career plans. However, Mr Narula, who earlier had a 20-year stint with a foreign bank, is silent about his own immediate targets. "I will be busy helping my son who will shortly launch his first anthology of poems," he quipped.

`A comeback is possible'

THE Alliance Capital brass is of the view that a comeback may be possible, provided crucial regulations on overseas investments are modified.

Such an attitude is significant, since Axa, the European outfit that owns Alliance, decided to strike an insurance partnership with telecom major Bharti.

When asked, the Alliance CEO mentioned that the possibility did exist, adding that he would continue to watch the schemes even after Birla MF starts managing them. "Personally, I will track them to the extent possible and see how they fare under the new management," he said.

For now, the fund house maintains that its schemes have "performed," nd that not more than handful of its employees have quit in the face of the ensuing troubles.

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