InCred Asset Management, the fund management arm of the InCred Group, has hired ICICI Prudential AMC’s Mrinal Singh as its chief investment and chief executive officer (CEO).
The appointment of Singh, who was deputy investment chief at ICICI Prudential AMC, will help InCred Asset Management cater to the needs of investors, InCred said in a statement.
It will also help the unit serve foreign players looking to invest in asset classes in the country, InCred added.
“I am confident that with his long-term investment philosophy, focus on delivering sustainable returns over cycles, and passion for business-building, we will see InCred Asset Management establish itself as a force to reckon with in the asset management market,” said InCred Group founder and CEO Bhupinder Singh.
Mrinal Singh was with ICICI Prudential AMC for over 12 years, where he helped set up research processes, product strategy, and business and talent development.
He also led the asset manager’s equities investments across multiple funds, with the flagship vehicle growing from $200 million to $2.5 billion in assets under management in 10 years.
His hire is the latest move as part of the InCred Group’s strategy to establish itself as a full-services financial platform in the country. The firm’s various arms have struck deals and made senior-level appointments under this strategy.
In October, VCCircle reported that InCred Asset Management had struck its second takeover deal with the acquisition of Earnest Innovation Partners Pvt Ltd, foraying into the institutional equities space in the process. Prior to that, it had bought mid-market Vishuddha Capital Management LLP in August.
Top-level hires for the group include former Blackstone senior managing director Punita Kumar Sinha (wife of former Union aviation minister Jayant Sinha), who joined InCred Asset Management as chairperson.