Nilesh Shah, the managing director of Kotak Mahindra Asset Management Company (AMC), on Wednesday, dismissed rumours circulating on social media about his resignation from the company to join the yet-to-be-launched Jio BlackRock Mutual Fund. Rejecting the claims on X, formerly Twitter, Shah said, “There is absolutely no truth. Kindly ignore the rumor mill.”
The speculations about his resignation caused a stir in industry circles. It was speculated that he might join as the CEO of Jio BlackRock MF.
Clarifying the rumours, a Kotak Mahindra AMC spokesperson said in a statement: “This is with regard to the recent posts circulating on social media about Nilesh Shah, MD & CEO – Kotak Mahindra Asset Management Company (KMAMC) moving to another AMC. We wish to clarify that it is not the truth, and these posts are unsubstantiated and are unsolicited rumours.”
The rumours surfaced after Jio Financial Services (JFSL) recently announced the creation of Jio BlackRock, a 50:50 partnership between JFSL and global asset management giant BlackRock. Jio and BlackRock have committed an initial investment of USD 150 million each for the joint venture, with operations set to commence after regulatory and statutory approvals.
Jio BlackRock will enter the Indian mutual fund industry, which boasts assets totalling Rs 46.28 lakh crore, making it the 45th player in the market.
Besides his role at Kotak Mahindra AMC, Shah serves as a part-time member of the prime minister’s economic advisory council. He previously served as chairman of the Association of Mutual Funds in India (AMFI) and as a member of the Mutual Fund Advisory Committee of the Securities and Exchange Board of India (Sebi).