Wednesday, Aug 06, 2003
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By Our Special Correspondent
Sabre along with Mr. Arora, as head of the business, will together form a new company that will initially focus on retail and institutional funds management in the high growth, high potential Indian market.
"We are delighted to be investing in the high growth area of Indian fund management in association with Samir Arora. Mr. Samir has been a leading fund manager in the Asian Emerging Markets with an equally impressive track record in the Indian fund management business. We are excited at the future of the Indian financial markets and this new venture is one more example of our strong interest and commitment in fulfilling the financial needs of customers in India,'' said Mr. Talwar.
Mr. Arora will relocate from Singapore to India to head up the new venture. In a press release issued here today Sabre stated that the new company is in the process of finalising a potential sponsor and will make an announcement in this regard in the near future.
The statement from Alliance Capital said Mr. Arora "will transition his responsibilities over the next month before he leaves.''
Meawhile, Alliance Capital Asset Management (India) Pvt Ltd (ACAM) has appointed Rajnish Narula as Chief Executive Officer and M. S. Verma, a director on the company's board.
Mr. Narula, who is at present the head, investment services, priority banking, capital markets and non-resident business of Standard Chartered Bank, would join the asset management firm in September, ACAM said.
Mr. Narula would report to ACAM's senior vice-president and head of retail sales (Asia) Ajai Kaul, the statement added.
Mr. Verma, who has been named as an independent director on the board of the company, was most recently the Chairman of TRAI.
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