Brokerages face churn in research jobs

With the markets booming -- at least till last month -- most heads of research at leading brokerages proved their mettle by making a string of right calls.

The brokerages made a pile on the basis of these research calls. But their heads of research are not waiting for year-end pay hikes: they're trying to encash their reputation, here and now.

At least five heads of research at brokerages have hopped jobs.

Job-hopping is on in the mutual funds industry too. Industry sources say more job switches are in the pipeline.

Jamshed Desai, head of research at Taib Securities, has already joined IL&FS Investmart as head of research. IDBI Capital's head of equity, Amitabh Chakravarty, has put in his papers. Chakravarty confirmed that he had put in his papers "for personal reasons" but did not say where he was joining.

Jamshed Desai said, "I have moved for better prospects. Since the markets are performing well, there are good openings (available)."

At UTI Securities, vice-president and head of equity Sanjay Vaid has put in his papers and is reportedly joining JET A Securities as head of the equity desk. There has been no replacement so far at UTI Securities.

Meanwhile, IL&FS' Nandan Chakrabarty recently joined Enam Securities as head of research. He takes the place of Ajay Bhatia, who has been moved out of research and is now heading client relationships at Enam Securities.

Mehraboon Irani, formerly from Afternoon Despatch & Courier, the Mumbai eveninger, has joined Darashaw Broking and Investment Ltd as its head of research.

Irani said, "With the markets performing well, many firms are looking at bright people who can further explore opportunities in the market."

In the mutual funds industry too, a considerable amount of movement is visible. Ashutosh Bishnoi, who was with Om Kotak Life Insurance, has joined UTI Mutual Fund as head of marketing.

Suhas Nasik, head of equity funds at IL&FS Mutual Fund, is expected to join UTI Mutual Fund, with the acquisition of its schemes by the latter. Naik refused to comment on the development.

Industry sources said better prospects elsewhere at a time when performers were feeling a sense of stagnation in their current jobs was the sole reason for the churn.

So far as the research heads are concerned, some of the brokerages are looking to upgrade their personnel with the recruitment of people who can come up with fresh ideas.