ICICI Pru, Kotak fund managers join Canara Robeco

MUMBAI, May 7 (Reuters) - Indian mutual fund firm Canara Robeco Asset Management has appointed Anand Shah and Ritesh Jain as heads of equity and fixed income, respectively, a top executive said on Wednesday.

Shah was earlier fund manager at India's No. 2 mutual fund firm, ICICI Prudential Asset Management, while Jain worked at the fund unit of Kotak Mahindra Bank Ltd , which ranked ninth by average assets at April-end.

Both joined the firm in the second half of April, Sanjay Santhanam, director, sales and marketing, told Reuters. The investment management team would grow to 15 people by the end of financial year 2009, he added.

Canara Robeco, a joint venture between Canara Bank and Dutch fund giant Robeco , managed about 25 billion rupees in the 5.1 trillion rupees domestic fund industry at end-March.

Robeco bought a 49 percent stake in the fund arm of the state-run Canara Bank in March last year. (Reporting by Nishant Kumar; editing by Harish Nambiar)

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