Ashutosh Bishnoi has taken over as an interim chief of diversified conglomerate Larsen & Toubro’s asset management business after Sanjay Sinha, the CEO of L&T Investment Management Limited quit his position.

Sinha was earlier the head of DBS Cholamandalam AMC, that was snapped by L&T Finance two years ago and rechristened as L&T Mutual Fund. L&T Mutual Fund has assets under management of a little over a $1 billion.

Bishnoi has been given a temporary responsibility to supervise L&T Mutual Fund till the firm selects a new chief executive, the firm said on Tuesday.

L&T Investment Management Limited is a wholly owned subsidiary of L&T Finance Holdings Ltd that went public through an initial public offer few weeks ago. The asset management business comprises the mutual fund segment (including the management, administration and distribution of the schemes of L&T Mutual Fund) and the portfolio management services segment (including portfolio management and sub-advisory services).

Bishnoi is a former executive director of UTI Mutual Fund. He will supervise the investment management business under Ved Prakash Chaturvedi, the chief executive of Capital Markets & Investment Management Group of L&T Finance.

L&T Finance Holdings scrip declined 2.46 per cent to close at Rs 49.65 at BSE on Tuesday in a strong Mumbai market.

L&T Finance Holdings, the financial services arm of the L&T Group, had come up with an issue price of Rs 52 per share. It had raised Rs 1,245 crore through it maiden public offering late last month, with another Rs 330 crore coming through a pre-IPO placement with Capital International’s private equity arm.

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