Motilal Oswal AMC chief quits

Mr Nitin Rakesh, Managing Director and Chief Executive Officer of Motilal Oswal Asset Management Company, has put in his papers. Mr Rakesh said that he was moving on for better prospects. However, his exit will not be effective immediately. Mr Rakesh joined Motilal Oswal AMC in September 2008. He has also worked with TCG Investments and Unit Trust of India (UTI Mutual Fund). This is the fifth exit by the CEO of a mutual fund house in the last four months. Mr Navin Suri resigned as CEO of ING Investments India last month. Mr Piyush Surana of Daiwa Asset Management, Mr Rajan Krishnan of Baroda Pioneer Asset Management and Mr Arindam Ghosh of Mirae Asset put in their papers in April this year.