Mumbai: Nimesh Kampani, ace deal maker, is restructuring his business empire shortly after parting ways with its decade-old partner Morgan Stanley. He is in the process of formalizing a new management structure for his group flagship company JM Financial.
Kampani, known for his high-profile M&A deals, has carved up the operations of JM Financial into seven strategic business units to be managed by independent managing directors (MDs).
“We want to create a strong financial services company with global standards. The new structure reflects this ambition,” said Kampani, CEO and chairman of JM Financial. The company has entered into an agreement with Morgan Stanley to sell its 49% stake in JM Morgan Stanley Securities for Rs1,970 crore. “The new structure will give rise to the perception that JM is a well-structured organization,” said the MD of a Mumbai-based financial services company on condition of anonymity.
The investment banking business is split into corporate finance, M&A and global capital markets. Dipti Neelkantan, 48, who joined JM as a research analyst 25 years ago, has recently risen to the rank of MD & COO of the investment banking business. She is in charge of overall operations. Two MDs have been appointed for the corporate finance division, which is scaling up its operations. Nimesh Kampani’s son Vishal Kampani, 30, and B.K. Bansal, 53, will be heading of this division.
Adi Patel, 38, has been designated as head of the M&A division, while Atul Mehra, 39, has recently been elevated to the post of MD (global capital markets). Adi Patel, Atul Mehra and B.K. Bansal have been with JM for more than 15 years.
“Patel and Mehra joined in 1991, immediately after the company went public,” said a source close to the company.
JM Financial is bringing in talent from outside to run the new-age businesses. Last month, Nityanath Ghanekar, 61, joined as CEO and MD of the mutual-fund business from global consulting firm PricewaterhouseCoopers. A few months ago, Dilip Kothari joined JM to head its private -equity business from Olympus Capital. Rajeev Chitrabanu, 35, is CEO and MD of the financial services business, which includes wealth management and IPO distribution. Subodh Shinkar,39, is the new COO of the division.
While Vipin Gupta, 35, is the MD of the fast-growing commodity business, Basant Agarwal, 40, heads the special situations fund. JM Financial is also planning to create independent divisions for the fixed-income and research portfolios.