Edelweiss Alternate assets head Hemant Daga resigns

Edelweiss Alternate assets head Hemant Daga resigns

Hemant Daga, chief executive officer of Edelweiss Group’s alternate asset business, has resigned from the company, multiple sources with knowledge of the matter told ET.

Daga, one of the senior most officials at Edelweiss, is understood to have setting up his-won asset management firm.

Joined as a prop trader in Edelweiss in 2005, the former

executive moved up the ranks quickly and is one of the key people, who grew the CDPQ-backed company’s alternate asset to a $4 billion firm. “Daga was responsible for alternative asset management operations – including the entire spectrum such as hedge funds, private equity, private debt and real assets, managing more than $4 bn of assets,” the source said.

When contacted, Edelweiss declined to comment. Daga did not reply to text messages.

Daga earlier headed Proprietary Trading business for Edelweiss as well as managed a multi asset multi strategy desk. He moved to Edelweiss from ICICI Bank.

The resignation coming at a time, when Edelweiss is aggressively expanding its businesses and exploring listing of atleast two of its units.

Earlier last month, Edelweiss increased stake in its wealth management business by 5 percent to 44.1 percent, in a deal part of a $300 million investment made by Asian private equity firm, PAG Group earlier this year. Edelweiss was also weighing options to list the wealth management unit. IN 2016, Canadian pension money manager, Caisse de dépôt et placement du Québec (CDPQ) invested $250 million in Edelweiss’ NBFC business. CDPQ also is the chief sponsor of Edelweiss ARC.

Edelweiss’ alternate asset business include structured products, performing credit, and the mutual funds businesses.

Total assets managed by Alternative investment funds surpassed ? 5-lakh crore, according to latest data of the Securities and Exchange Board of India. Assets of AIFs have grown over 32 per cent year-on-year to ?5.35-lakh crore at the end of September 2021, the data showed.

Source link

Spread the word!

Leave a Comment

Your email address will not be published. Required fields are marked *