Anand Rathi Hires Third Citi Man: Rajesh Mayani As Equity Sales Head
The exodus from Citigroup Inc. to Mumbai based Anand Rathi Financial Services Ltd. continues. Rajesh Mayani, Director of institutional equity sales in India for Citigroup, has become the third Citi hand to join the Mumbai based broking firm, where he will head equity sales. Interestingly, Anand Rathi is backed by Citigorup’s venture capital arm Citigroup Venture Capital International which holds 20 per cent in the company.
Narayan Mulchandani, director of India sales at Citigroup, based in Hong Kong, has also joined Mumbai-based Anand Rathi, Bloomberg reports, quoting Mayani. Earlier, Citigroup’s India research head Ratnesh Kumar had quit the MNC bank to head Anand Rathi’s equities business.
This is also part of trend of Indian broking firms attracting talent from large MNC frms. The banks like HSBC, CLSA Ltd. and JPMorgan Chase & Co. have lost people to desi firms. CLSA lost four key staff such as Bharat Parija to India Infoline, which was one of the most high profile moves from an MNC to a desi company.
