Nilesh Shah, the deputy managing director of ICICI Prudential AMC resigned last Friday. In 2004, Shah moved from Franklin Templeton as chief investment officer and was promoted to the post of deputy managing director in July 2007.
He will be around for a few months to ensure smooth transition of his responsibilities. Shah is apparently looking for avenues beyond the mutual fund industry.
He is unlikely to be substituted. The investment heads, Sankaran Naren responsible for equity funds and Chaitanya Pande for fixed income, will directly report to managing director Nimesh Shah. Both are old hands at the firm. Naren joined ICICI Prudential AMC in October 2004. He currently manages five funds – ICICI Prudential Discovery Fund, ICICI Prudential Dynamic Fund, ICICI Prudential Tax Plan, ICICI Prudential Infrastructure Fund and ICICI Prudential Indo Asia Equity Fund. Chaitanya joined in September 2002. He currently manages 13 funds.