Mumbai-based Investment Trust of India Ltd (ITI) has hired George Heber Joseph to lead its mutual fund business.
Joseph will join ITI Asset Management Ltd as its chief executive officer and chief investment officer, the company said in a statement.
He comes to ITI from ICICI Prudential Asset Management Co Ltd, where he spent more than a decade. At ICICI Prudential, Joseph’s last designation was senior fund manager. He managed Rs 10,000 crore in equity assets at the firm.
After joining ITI on 19 November, Joseph will be responsible for shaping the strategy and investment decisions of ITI AMC’s business, the company said. It added that he will play a key role in meeting the company's long-term growth goals as well as product development and devising niche investment strategy.
“(Joseph) brings with him incredibly strong domain knowledge and varied experience which will be very vital as we chart out long-term ambitious plans to grow and develop our asset management business,” said Sudhir Valia, one of the largest shareholders of ITI. Valia is also a director of Sun Pharmaceuticals founded by Dilip Shanghvi, who is his brother-in-law.
At ICICI Pru AMC, Joesph managed two flagship funds - ICICI Prudential Long-Term Equity Fund (Tax Saving) and ICICI Prudential Multicap Fund, besides being in charge of various closed-ended schemes.
Joseph has more than 16 years of industry experience in equity and capital markets. He is a qualified Chartered Accountant and Cost & Management Accountant. He is also an English literature and commerce graduate.
His past professional experience includes stints at DSP Merrill Lynch Ltd, Wipro Ltd, MetLife India (P) Ltd, Cholamandalam Investment & Finance Co Ltd and Tanfac Industries Ltd.
ITI, formerly known as Fortune Financial Services India Ltd, was incorporated in 1991 and operates as a diversified financial services company offering equity and derivatives trading, equity and commodity market research, portfolio management services, mutual fund and insurance product distribution, and investment banking.
It is also in the business of vehicle finance, SME finance, education & small loans. The ITI group has also promoted two alternative investment funds (AIFs) – a long-short equity fund & growth venture fund.
The company has a presence in more than 75 locations across India with an employee strength of over 1,200.
VCCircle had reported in June that Fairfax Financial Holdings Ltd-backed Go Digit Infoworks Services Pvt. Ltd had agreed to acquire ITI Reinsurance Ltd from ITI.