Billionaire Anil Ambani hired Deutsche Bank AG’s former head of Indian equities, Keshav Sanghi, to start an institutional brokerage in a market where equity trading volumes more than doubled last year.
Sanghi, appointed chief executive officer of Reliance Capital Ltd.’s Reliance Equity International unit, hired 40 researchers, salespeople and traders, including 10 former Deutsche employees, he said in an interview in Mumbai yesterday. Sanghi plans to increase the headcount to 100.
Deutsche, HSBC Holdings Plc, CLSA Ltd., JPMorgan Chase & Co. and Citigroup Inc. are among the overseas firms that have lost executives over the past year to Indian brokerages offering sign- on bonuses and equity stakes. India’s benchmark Sensitive Index has tumbled 25 percent this year, curtailing trading commissions and reversing six years of gains.
``Markets and trading volumes will pick up toward the latter part of the year, though we may see some more pain in the near term,’’ Sanghi said. The company will start operations in August, he said.
Sarosh Irani, the former chief operating officer of Macquarie Bank’s Indian brokerage, was appointed to the same position at Reliance Equity, Sanghi said. Varun Pardiwalla and Sudhanshu Bhuwalka, former Deutsche Bank employees, will be co- heads of sales at Reliance, while S. Chandra and Manish Bhatia will lead trading groups.
Sanghi, Deutsche Bank’s former managing director and head of equities in India, quit the German bank in March.
Reliance Capital, based in Mumbai, operates the nation’s largest money management firm. Its Reliance Money division is the retail-broking unit.
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