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Nilesh Shah denies rumours of leaving Kotak AMC to join Jio BlackRock MF as CEO


Veteran fund manager and Managing Director of Kotak Mahindra AMC, Nilesh Shah has denied the social media rumours claiming that he will join the to-be-launched Jio BlackRock Mutual Fund as CEO.

There are rumours floating on social media platforms that Shah will be leaving Kotak Mahindra Asset Management Company to join as Chief Executive Officer (CEO) of Jio BlackRock MF.

“There is absolutely no truth in this breaking news / story / rumour. Kindly ignore the rumour mill,” Shah wrote on X.

Earlier, Jio Financial Services Ltd, the demerged financial lending arm of billionaire Mukesh Ambani-led Reliance Industries Ltd, had entered into a 50:50 joint venture with BlackRock, the world’s largest asset manager, to set up an asset management company with a combined investment of $300 million.

Read here: Jio Financial joins BlackRock to launch asset management firm

The two partners plan to invest $150 million each in the JV, making it the 44th player in the 44.39 trillion Indian mutual fund industry.

Jio BlackRock will launch operations after the receipt of regulatory and statutory approvals. The company will have its own management team, it had said.

Meanwhile, Shah, who also serves as a part time member of the Economic Advisory Council to the Prime Minister (EAC-PM), replied to another tweet saying that there was ‘no truth’ in the rumours of his joining Jio BlackRock MF.

“No truth in the rumour. I wish one had checked with me,” Shah wrote.

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Updated: 06 Sep 2023, 12:08 PM IST

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.