Axis Mutual Fund announces top management changes

Axis Asset Management Company has announced a new MD and CEO, B Gopkumar, who will take over from Chandresh Nigam, the current head of the fund house. In the release, the fund house stated that "Chandresh Nigam has requested not to be considered for reappointment for another term, in order to pursue other personal and professional interests."

Nigam has been associated with Axis AMC for over a decade, having joined the company in 2009 as Head of Equities before being appointed as MD and CEO in 2013. During his tenure as the MD and CEO, the assets of the fund house grew significantly, from Rs 18,000 crore in April 2013 to Rs 2.82 lakh crore in January 2023. However, the company was recently involved in a front-running scandal that led to the suspension of its chief dealer, Viresh Joshi. (Read more about it here).

In light of these developments, the company has also appointed Ashish Gupta as its Chief Investment Officer. Gupta was previously the Head of India Equity Research at Credit Suisse and brings with him over 25 years of experience tracking the Indian markets across various industries.

Axis AMC has traditionally been known as a "growth" investor, but its equity funds have struggled to perform in the last year, with value stocks outperforming. Despite this, Jinesh Gopani and R Sivakumar will continue to remain as Head-Equity and Head-Fixed Income, respectively.

Gopkumar is currently the MD and CEO of Axis Securities and has over 28 years of experience in the financial services industry. He has been appointed for a term of three years, from May 1, 2023 till April 30, 2026, subject to requisite approvals.