Debashish Mallick likely to be new IDBI Mutual Fund MD and CEO

Mumbai: IDBI Asset Management`s Managing Director & CEO Krishnamurthy Vijayan, who tendered his resignation last month, is likely to be succeeded by Debashish Mallick, a source close to the development said.

Vijayan is expected to leave the organisation by this month-end, the source said.

Mallick, currently Chief General Manager (Personal Banking Group) in IDBI Bank, is tipped to replace him, he said.

Vijayan, who was the CEO of JM Financial AMC and Executive Chairman and Director of JP Morgan Asset Management India prior to his stint with IDBI MF, is likely to continue in the finance sector, the source said.

IDBI Mutual Fund, a part of state-run IDBI Bank, commenced operations in March 2010.

IDBI MF`s assets under management (AUM) rose from Rs 202 crore in July 2010 to Rs 393 crore in March 2011. The fund house offers two equity schemes and 11 debt schemes.