Centrum’s business heads asked to quit due to ‘loss of confidence’

Synopsis
Founded about a decade ago mainly with a leadership team brought in from HSBC Holdings Plc’s India operations, Centrum Wealth managed 350 billion rupees ($4.3 billion) of assets as of March 2022 — a 40% increase from the previous year — according to its latest annual report. The mid-sized wealth manager is part of the broader Centrum Group

Centrum Wealth Limited’s business heads were asked to quit the firm, reported Bloomberg on Friday. The move comes just as the industry is set to balloon in one of the world’s fastest-growing markets.

According to the Bloomberg report, the board of the Mumbai-based firm asked managing directors Ganashyam S. and Arpita Vinay to leave due to a “loss of confidence,” said the group’s spokesman.

Vinay had declined to comment on the issue when reached by phone, meanhwile, Ganashyam did not respond to the request.

The company was founded a decade ago mainly with a leadership team brought in from HSBC Holdings Plc’s India operations. It managed assets worth Rs 350 billion rupees ($4.3 billion) as of March 2022 — a 40% increase from the previous year — according to its latest annual report.

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