More exits likely from Lotus AMC

MUMBAI: The exodus from Lotus India continues. The AMC, floated by Temasek of Singapore and Rana Talwar’s Sabre Capital, is likely to see some more high-profile departures soon. It has been reliably learnt that fund manager Asit Bhandarkar and chief equities dealer Apoorva Vora are likely to quit and join JM Financial.

Ex-CIO Sandip Sabharwal, who had left in July, joined JM Financial last week. Sources in JM Financial say the moves are part of their strategy to boost their equities team.

JM Financial already has a fund manager in Sandeep Neema, who would now be joined by Mr Bhandarkar. “The company is aggressively chalking out plans to complete its equities team by ’07,” they said.

When contacted, Lotus India CEO Ajay Bagga said they were currently in the middle of a restructuring programme. “We’ve offered people choices...it’s up to them,” he said, without specifying.