India - 26 July 2007
The board of ICICI Prudential Asset Management Co. Ltd. today announced the appointment of Nimesh Shah as Managing Director and CEO, effective July 26, 2007.
Mr. Shah was Senior General Manager at ICICI Bank and has over 14 years experience in banking and financial services in the ICICI Group, including project finance, wholesale banking and international banking. He led ICICI Bank's foray into the Middle-Eastern region, where it has established itself in a range of areas including private banking, NRI services, remittances and wholesale banking. Since 2006, he has been responsible for overseeing of the Africa region in addition to the Middle-East.
Commenting on his appointment, Ms. Kalpana Morparia, Chief Strategy & Communications Officer - ICICI Group said, "Mutual Fund industry is one of the fastest growing industries and ICICI Prudential AMC has forged a position of eminence. I am sure that with Nimesh's appointment as the MD & CEO, and Nilesh Shah's elevation as the DMD & CIO at the last board meeting, and the passion and commitment of the entire team, the company will continue its remarkable growth story."
Mr. Barry Stowe, Chief Executive of Prudential Corporation Asia, said, "India is one of the most promising markets for financial services. Prudential remains very committed to India and its relationship with ICICI Bank. ICICI Prudential is one of leading asset management companies in India and Nimesh's wealth of experience will no doubt add substantially to the organisation's growth."
About ICICI Prudential AMC
ICICI Prudential Asset Management Company enjoys the strong parentage of ICICI Bank, India's largest private sector bank and Prudential plc, one of UK's largest players in the financial services sector. ICICI Prudential Asset Management Company, in a span of just over nine years, has forged a position of pre-eminence in the Indian Mutual Fund industry as one of the largest asset management companies in the country with assets under management of Rs. 43613.75 crores as of June 30, 2007 (source: amfiindia.com). The Company manages a comprehensive range of schemes to meet the varying investment needs of its investors spread across 100 cities in the country
For any further information, please contact:
Sr. Manager-Corporate Communications
ICICI Prudential AMC
Tel: (D) 022-6638 4310 (M) 9820061934
Pradeep R/ Shwetha Reddy
Hanmer & Partners
Tel No.: 67525674
Mobile: 996766602/ 9819546964
Statutory Details: ICICI Prudential Mutual Fund (erstwhile Prudential ICICI Mutual Fund) (The Fund) has been set up as a Trust sponsored by Prudential plc (through its wholly owned subsidiary Prudential Corporation Holdings Limited) and ICICI Bank Limited. ICICI Prudential Trust Limited (erstwhile Prudential ICICI Trust Ltd) is the Trustee to the Fund and ICICI Prudential Asset Management Company Limited (erstwhile Prudential ICICI Asset Management Company Limited) is the Investment Manager to the Fund.
Risk Factors: Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Schemes will be achieved
- As with any securities investment, the NAV of the Units issued under the Schemes can go up or down, depending on the factors and forces affecting the capital markets
- Past performance of the Sponsors, AMC/Fund does not indicate the future performance of the Schemes of the Fund
- The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes beyond the contribution of an amount of Rs. 22.2 lacs, collectively made by them towards setting up the Fund and such other accretions and additions to the corpus set up by the Sponsors.