Nikhil Johri, Alliance Capital Mutual Fund's chief executive officer, has put in his papers. Rumours of his impending exit have been around for some time.
Johri said he had decided to quit last month "in order to pursue other opportunities". Rumours have been doing the rounds that the Alliance top brass was not happy with the way the fund house was functioning.
Johri, however, did not respond to these allegations. He put in his papers on Monday and it has been accepted with immediate effect, at his request. Johri has been the chief executive of Alliance since 2000.
Ajai Kaul, senior vice-president, and Asia region head in charge of retail sales at Alliance Capital, said from Singapore that Johri's resignation had been accepted.
He said Johri had cited no reasons for leaving. Kaul also refused to comment on his colleague's performance saying that it was not company policy to say anything.
"We will be finding a new CEO soon," he said, adding that till such time, he would be looking after the Indian operations.
Since October last year, Alliance MF was rocked with news of its impending sale and a whole host of fund houses had lined up to bid for it.
However, at the last moment - towards January-end - its US-based parent decided to continue with the Indian operations, renewing its commitment to the Indian markets.
Unlike other fund houses, Alliance Capital has been an aggressive player in the Indian equity markets, led by Samir Arora, its Singapore-based chief investment officer.
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