HDFC finds AMC head from within the company
Mumbai: After months of trying, HDFC has failed to identify the right outside candidate, with experience in the MF industry, to take over as the chief executive officer of its joint venture mutual fund (MF) foray with UK-based Standard Life, which has taken a 26 per cent stake in the proposed asset management company (AMC).

The housing finance giant has now decided to appoint Milind Barve, general manager (treasury), HDFC, as CEO of the AMC.

Other appointments at the AMC include: Mr. Iqbal Jugari, former company secretary and head of compliance & legal Zurich Asset Management Co (India), as chief operating officer of HDFC Asset Management Co. ; Mr. Sanjoy Bhattacharya, former head of research at Warburg Dillon Reed, as its chief investment officer ; and, Suresh Babu, formerly senior manager (finance), Sundaram Newton AMC, has been appointed as head of operations.
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Musical chairs at mutual funds
Mumbai: Mr. Simon Holdsworth, the former managing director of ITC-Threadneedle AMC, has joined Jardine Fleming India Broking as head of research. Mr Holdsworth who had returned to Threadneedle Asset Management in the UK after ITC Threadneedle AMC merged with Zurich Asset Management Co (India), will now return back to India after a short break. Going by past tradition, it is expected that Mr Holdworsth’s present position will be a stepping stone to the post of chairman of the FII’s India operations.

Elsewhere, Mr. Jimmy Patel, the head of operations & compliance at Sun F&C Asset Management has joined IDBI Principal Mutual Fund as chief administrative officer and Mr. Vivek Pai, head of fund accounting at Birla MF, too has quit.
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TTK group chief passes away
Chennai: Mr. T.T. Narasimhan, the eldest son of Mr. T.T. Krishnamachari, former Union Finance Minister and chairman, TTK group, died here today. He was. He was 79 and is survived by his wife and two sons, Mr. T.T. Jagannathan and Mr. T.T. Raghunathan.

Mr. Narasimhan, a private person, was only 19 years old when he was put in charge of the family business by his father who wanted to concentrate on politics. He went about setting in place a distribution system which has made TTK & Co a household name with the aim of distributing only ethical products that would be made available everywhere in India.

With this in mind, In the 1950s, he introduced pressure cookers, and in the 1960s, TTK began manufacturing rubber contraceptives long before the Government formulated the family welfare policy. Maps and atlases were another of his efforts. He was also singularly responsible for supporting the group's non-commercial activities such as the Madras Voluntary Blood Bank, and the TTK Hospital, which was a pioneering hospital in the country at that time to treat alcoholics, drug addicts and their rehabilitation.
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Lucent snatches Boeing CFO to clear its financial mess
New York:Lucent Technologies, the world’s largest telecommunications equipment maker, announced on Monday that it was appointing Ms. Deborah Hopkins, the chief financial officer of aerospace giant Boeing Co, as its CFO.

The company is trying to transform itself by shedding slow-growing businesses and focusing on booming markets such as optical and data networking, to combat intensifying competition from rivals Nortel Networks Corp.

Ms Hopkins, who has experience in corporate finance, strategy and operations, joined Boeing in 1998 at a time when the Seattle-based company sought to boost anaemic profits and restore credibility on Wall Street. Ms Hopkins has been credited with tightening fiscal discipline at Boeing, which in 1997 lost money for the first time in 50 years amid reports that it sold hundreds of commercial jets below cost to fend off European rival Airbus Industrie and Lucent now hopes Hopkins’ experience will help it rebuild investor confidence after manufacturing constraints and other missteps hurt its financial results earlier this year.
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InfoSpace names Microsoft’s Arun as technology chief
Washington: InfoSpace Inc, America's largest company providing infrastructure services for wireless devices and websites, announced on Monday that it was appointing Microsoft Corp’s Russ Arun as its chief technology officer.

Mr Arun, who, at Microsoft, was previously responsible for the key technologies for operating system Windows 95 and for browsers Internet Explorer 3.0 and 4.0, was currently working on the development of technology for handheld devices at Microsoft.
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