ITI Mutual Fund announces change in Chief Executive Officer

ITI Mutual Fund is sponsored by The Investment Trust of India Ltd (ITI) and Fortune Credit Capital Ltd.

In a short span of time, the ITI Asset Management Limited (AMC) has built a strong network of distributors and its own office network across the country. As of 26th July, 2022, the AMC has launched 16 products, built a 200+ workforce, empanelled 17000 distributors, garnered more than Rs.2800crs AUM and opened 30 branches with good brand visibility in the marketplace.

ITI Mutual Fund has announced that Chief Executive Officer (CEO) & Chief Investment Officer (CIO), Mr. George Heber Joseph has resigned from the services of the fund house. Accordingly, he ceases to be the CEO & CIO with effect from 1st August, 2022.

Mr. Joseph had been associated with ITI Mutual Fund as CEO & CIO since November 2018. ITI Asset Management Limited wishes him the very best for his future endeavours.

Mr. Hitesh Thakkar who has recently been promoted to Chief Operating Officer has been announced as the acting CEO of ITI Asset Management Limited, with effect from August 01, 2022.

The Fund House also announces joining of Mr. Dhimant Shah who is a top-tier Fund Manager in India's Multicap Category with 20+ years of work experience with a strong track record. Prior to working at One-up Finance, he worked with leading organisations such as Principal MF, HSBC MF, Reliance MF and ASK group.

The current AUM of the fund house is Rs. 2,827.13 Crores as on July 26, 2022. Out of the total AUM, Equity AUM accounted for Rs. 1,977.57 crores while Hybrid and Debt schemes accounted for Rs. 616.09 crores and Rs. 233.47 crores respectively. The geographical spread of the AUM is well diversified with top 5 cities accounting for 38.32%, next 10 cities with a share of 23.02%, next 20 cities with a share of 18.52%, next 75 cities with a share of 15.15% and followed by others with a share of 4.83%.

ITI, formerly known as Fortune Financial Services India Ltd., was incorporated in 1991 and operates as a diversified financial services company offering equity and derivatives trading, equity and commodity broking & investment banking. The ITI group has also promoted two alternative investment funds (AIFs) – ITI Long-Short Equity Fund & ITI Growth Opportunities Fund and a PMS. The company has a presence in more than 200 locations across the country with an employee strength of over 2000.