Business Standard, 16 Nov 2008, Anirudh Laskar
At least 150 of the 205 employees at Lotus India Mutual Fund may lose their jobs. The fund house, whose assets under management have declined sharply, was last week bought by Religare Aegon Mutual Fund, promoted by the Singh family that used to own pharmaceutical company Ranbaxy Laboratories.
Sources familiar with the developments said Religare Aegon, which already has enough people on its rolls, may not retain more than 50 Lotus employees. The rest would be given a month’s notice and paid all statutory dues.
Lotus AMC, a joint venture between Rana Talwar-owned Sabre Capital Worldwide and Singapore-based Fullerton Fund Management Group, was weighed down by a shortage of inflows, erosion in portfolio, and redemption pressure. Its assets under management fell to about Rs 5,500 crore at the end of October, almost half of what they were at the end of January this year.
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