Tata Group on Monday announced the appointment of Prathit Bhobe as chief executive officer and managing director of its asset management business, Tata Asset Management Ltd.
The post had been vacant for nearly seven months after R Ganesh had resigned last June.
Bhobe currently serves as senior general manager at ICICI Bank, where he heads the retail liabilities product, wealth management and private banking verticals. He will join Tata AMC, also known as Tata Mutual Fund, after transitioning out of his current role.
“The asset management business is seeing huge growth and we are confident that Prathit’s [Bhobe] experience will help the company build the next phase of growth," said Saurabh Agrawal, Group CFO and Director, Tata Sons Ltd. "His experience in distribution and product management will be extremely useful as the group moves towards leadership position in the financial services segment.”
Bhobe has spent 11 years at ICICI Bank. He previously had an eight-year stint at Citibank, where he ran the banking vertical in the distribution process.
Tata Mutual Fund had last March appointed Gopal Agrawal as chief investment officer – equities and Murthy Nagarajan as head - fixed income.
Tata AMC ranks 13th among mutual fund firms operating in India by average assets under management (AUM). It reported Rs 48,906.54 crore in AUM as on December last year, according to information published by industry body Association of Mutual Funds in India (Amfi).