Heard on the Street

Foreign AMC heads get ���Sumo offer��� from India

With few asset management companies (that recently got Sebi approvals) still hopeful of launching their operations once there is certainty that the downtrend is over, there is some buzz in the domestic mutual fund industry���s job market.

If market grapevine is to be believed, the corporate sales and retail sales heads of a foreign fund house ��� that has its base in a country in the Far-East ��� have put in papers on receiving ���sumo-big��� offers from an asset management company that is all set to launch its operations in the country soon.

While it is learnt that the corporate sales chief has decided to take up the offer, it is still not clear whether retail sales boss would accept it. The irony of it all is that while AMCs are getting senior-level personnel in good numbers, a few fund houses ��� mainly the ones that are promoted by foreign entities ��� are yet to appoint chief investment officers and fill in some key posts.

Contributed by Shailesh Menon