The Hindu Business Line : Lotus India AMC to appoint new fund managers

These include Mr Mahendra Jajoo, currently the head of fixed income at ABN AMRO Mutual Fund. He is expected to take charge of debt investments at the new AMC.

When contacted, Mr Ajay Bagga, CEO of Lotus India AMC, declined to confirm the matter.

He, however, agreed that the company has been looking at reinforcing the fund management team.

These developments are related to the sudden and unexpected departure of important functionaries in recent times. Two of them — Mr Sandeep Sabharwal and Mr Nandkumar Surti — had respectively headed equity and debt investments at Lotus.

Mr Jajoo is a Chartered Accountant who has worked with ICICI Bank's treasury department before moving to ABN AMRO Asset Management in early 2005.

Lotus India AMC is a JV between Fullerton Fund Management and Sabre Capital, its sponsor being Alexandra Fund Management. Both Fullerton and Alexandra are wholly owned outfits of Temasek Holdings of Singapore.

The fund house, which has filed a few offer documents with SEBI, will need to make formal announcements on the replacement, sources said.

The AMC is close to choosing the head of its equity investments team as well. Incidentally, it has recently appointed Mr Rajiv Shastri — who was formerly in charge of Sahara MF — as its head - alternate businesses.

Lines up 3 new funds

Lotus India AMC has in recent days rolled out three new offer documents — an ELSS, a debt product called Liquid Plus Fund and an 18-month fixed maturity plan.

Of the new products, Liquid Plus is the latest. This, according to the offer document filed with SEBI, will have a portfolio of somewhat higher modified duration than that of a plain-vanilla liquid fund. This, in turn, implies that there will be relatively higher allocation to 6-12 months instruments. Lotus had earlier mentioned that it plans to foray into the Indian market with a liquid and an equity fund. Over time, it is expected to launch a range of products across different customer segments.

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