Indiabulls hires ICICI Pru MFs Raghav Iyengar to head its MF business

MUMBAI: Raghav Iyengar, Executive Vice- President, at ICICI Prudential Mutual Fund who led the retail and institutional sales business has put in his papers, after a 12.5-year stint.

A spokesperson for ICICI Prudential confirmed Iyengar's exit. “Raghav Iyengar has chosen to pursue opportunities outside the company and we wish him the very best for his future plans”. Raghav is believed to be heading to India Bulls Assset Managment as its CEO. A spokesperson of Indiabulls Asset management refused to comment on the same.

Mutual funds have seen rapid growth in assets under management, as Indians move from physical savings to financial savings, leading to a shortage of talent pool and subsequent churn in personnel.


Assets under management of the industry have almost doubled in the last couple of years from Rs 12.3 lakh crore in March 2016, to Rs 23.4 lakh crore in May 2018. This fast growth has led to renewed focus by the existing players to grab market share which is creating a shortage of talent pool on both the sales and fund management side.

ICICI Prudenital Mutual fund is the largest player in the 41 member Indian mutual fund industry managing assets worth Rs 3.06 lakh crore as of March 31, 2018 and rivals have poached personnel from there. Chandresh Nigam, CEO of Axis MF, Nilesh Shah CEO of Kotak MF, Aashish Somaiya, CEO of Motilal Oswal, Kalpen Parekh CEO of IDFC Mutual have all worked for ICICI Prudential MF in the recent past.