Financial Daily from THE HINDU group of publications
Wednesday, Aug 06, 2003
Corporate - Diversification
Sabre Cap enters mutual fund business, ropes in Samir Arora
Mumbai , Aug. 5
SABRE Capital headed by Mr Rana Talwar, former CEO of Standard Chartered Plc, which recently took over Centurion Bank, on Tuesday announced its entry into mutual fund business in India.
Sabre has roped in Mr Samir Arora of Alliance Capital to head the new venture.
The hi-flying fund manager has quit Alliance as its head, Asian Emerging Markets, recently.
He is also expected to hold equity in the new asset management company.
The new company is in the process of finalising a potential sponsor, said Sabre in a release issued on Tuesday.
To begin with, the company will initially be focussed on retail and institutional funds management.
"We are excited at the future of the Indian financial markets and this new venture is one more example of our strong interest and commitment to business in India," said Mr Rana Talwar.
Mr Samir Arora, based in Singapore and has been managing Indian assets for the past 10 years and Asian assets for the past five years.
Meanwhile, Alliance Capital Asset Management India Pvt Ltd has appointed Mr Rajnish Narula as CEO of AMC India. He is currently with Standard Chartered Bank as head investment services.
Alliance also appointed Mr M.S. Verma, till recently chairman of TRAI and former chairman of SBI as an independent director, according to a release.
Earlier this year, Sabre Capital Worldwide, set up by four banking professionals, made its maiden investment in Centurion Bank.
The proposal is to take over management control and infuse funds required to revive the NPA-ridden, private bank.
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