Former Tata Mutual Fund head Ved Prakash Chaturvedi to set up own financial services venture

MUMBAI: Former Tata Mutual Fund head Ved Prakash Chaturvedi is setting up a financial services company in partnership with a US based private equity fund, industry sources said.

Chaturvedi, who headed L&T Finance's capital market business as his last job profile, quit the company last weak. He could not be reached for comments.

The sources said Chaturvedi's new venture would see an initial investment of close to $25 million in wealth management and advisory business and stock broking would form the part of next phase.

Chaturvedi had left Tata Mutual Fund in 2012 to join L&T. Tata Mutual Fund’s assets under management grew to Rs 27,000 crore from merely Rs 750 crore under Chaturvedi’s nearly 8-year tenure. The earnings per share of Tata MF grew from Rs 2 to Rs 20 during the same time.

Prior to Tata, Chaturvedi worked with SBI Mutual Fund and played a key role in the funds turnaround. He was among the core team that formed top credit rating agency CRISIL.