the hunt report

the hunt report

Dear Reader,

As we enter the final lap of 2011, we aredelighted to bring you the third issue of The Hunt Report, a half-yearly industry roundupof key trends impacting executive hiring across industries.

This issue captures the hits and misses of 15 industries in a cautiously optimisticeconomic environment in India, amid thecontinued turmoil in the US and the deepeningEuropean debt crisis.

We also distil the human-capital impact ofindustry trends and the implications on seniorleadership talent movement, which have beenaggregated for your benefit.

We hope you find the Report insightful. Asalways, we welcome your comments atthehuntreport@hunt-partners.com

Happy Reading!

The Knowledge Management Team (Sunil Pandita, Sidharth Nambiar,

Adhishree Kullarwar) Hunt Partners

Mumbai, India, November 2011

FOREWORD

CONTENTS I VOL III

pg.6 ASSETMANAGEMENTA gainful asset

pg.8 CAPITAL MARKETSExploring newhorizons

pg.10 COMPENSATIONAND BENEFITSNurturing talent

pg.12 ENGINEERINGSERVICES Engineered power play

pg.14 FINANCESlow, but steady

pg.16 INDUSTRIALThe electricalconnect

pg.18 INFORMATIONTECHNOLOGYGlobally connected

pg.20 INFRASTRUCTUREJoining hands tobuild the future

pg.22 INVESTMENTBANKINGInvestmentbanking sputteringafter a great start

pg.24 PHARMACEUTICALSAND HEALTHCAREThe bitter-sweet pill

pg.26 PRIVATE EQUITYSixty GeneralPartners raisingmoney in India?

pg.28 PRIVATE WEALTHMANAGEMENTChanges on thehorizon for PrivateWealth Managers

pg.30 REAL ESTATE’Real’ising thefuture of real estate

The Hunt Report, a half-yearly update, evaluates the key

business trends in industry practices, ranging from Retail

to Insurance. This issue of The Hunt Report analyses the

impact of these significant business trends on the

executive hiring process and the leadership movements

in fifteen industry verticals.

IN THIS ISSUE

the hunt report

pg.32 TELECOMA tumultuousgrowth wave

pg.34 WHOLESALEBANKING Waiting to exhale

The numbers gameReliance MF overtook HDFC MF toemerge as the most profitable fundhouse. Interestingly, the top 10 AMCs by PAT account for more than 77 percentof total AUM; the bottom 10 account for less than 1 percent. Note, however,that five of the top 10 fund houses arebank-sponsored AMCs, while only one bank-sponsored AMC—Union KBC, a new entrant that launched its first fund in May 2011—features in the bottom 10.

This lends credence to the assumptionthat the independent AMCs, or thosewithout a banking sponsor, will be under pressure to raise assets.Conversations with some eminent fund managers in independent AMCs confirm this trend.We expect that key players will soon explore thepossibility of tying up with theremaining established, and growing,independent banks.

Alternatively, the present-day crowdedmarket scenario could spur a spate ofconsolidations–as witnessed by theacquisition of Benchmark MF byGoldman Sachs in July 2011.

Cautious optimismNevertheless, the industry’s overallpositive outlook is aptly reinstated bythe two new entrants–IIFL andIndiabulls.This optimism is alsowitnessed in the willingness of people toconsider career movements.The criteriaforming the basis for such a changehave evolved, with professionals nowaverse to moving to newly-minted fundhouses. Talent now takes a closer look atthe future growth prospects of the fundhouse in consideration, and also thecommitment of the sponsors, beforeconsidering a career move.

Earlier in this note, we discussed howindependent AMCs will need to buildcaptive distribution–either Greenfield or

An uncertain economic environment has had a mixedimpact on the Asset Management industry.Despite dwindling investments and lower profits,new players are stepping in.

A gainfulasset

The half-yearly report for the Asset Management industry is nothing to write homeabout. The RBI’s latest Annual Report also shows that the Mutual Fund contributionin household financial savings has fallen to -1.8 percent in 2010–11, from 3.3 percent

last year. That investors are losing confidence in equity schemes is reflected in the 7 percent Year-To-Date (YTD) decline in equity assets.

ASSET MANAGEMENT

BY ARJUN ERRY AND PRAFUL NANGIA

pg.7

PEOPLE MOVEMENT

via Joint Ventures (JVs). Considering thecapital investment and long gestationperiod, Greenfield build-up is not apreferred option. Rather, severalindependents have pursued JVs withbanks, notably the PSU banks.

There is an interesting implication of thistrend on talent. We believe that not alltalent from private enterprises will becomfortable working with the PSU-bankJVs, because of concerns about possiblydifferent cultures, operating styles andcompensation.

Another interesting development in themaking is the SEBI proposal to mandatethat AMCs reveal the track record ofFund Managers.This has been promptedby the poor performance of equityfunds, with half of the funds beingoutperformed by their own benchmarkindices and two-thirds lagging behindthe Sensex and the Nifty over a three-year period.The SEBI proposal canpotentially be a game changer, and weare sure that all eyes are focused on howthis proposal pans out.

● John Burns, formerly ChiefOperating Officer, Visor Capital,joins Baring Asset Management asChief Operating Officer followingthe departure of John Misselbrook

● Eleanor Seet, formerly SeniorDirector for Asia (ex-Japan) PrivateWealth Distribution, moves toNikko AM as President & Executive Director.

● Nikko AM Asia appoints TeckKeng Neo as Head – Middle andBack Office and Rodney Lim asHead – Compliance.

● Michael Simpson joins BaringsAsset Management as Head – Latin American Equities

● Francisco Arcilla from EIM joinsAXA as Global Head – Funds and Hedge Funds

● Ajay Argal, formerly Head – EquityOffshore at Birla Sunlife AssetManagement, joins Barings Asset Management as Head –Indian Equities

● Himanshu Vyapak, formerlyExecutive Vice President & Head –Sales & Distribution, ProductManagement & Customer Servicetakes over as Deputy ChiefExecutive Officer at RelianceCapital AMC

● Tim Thomas, AXA’s former Head –Business Development (Asia),joins Prudential Financial(Pramerica) as Head – CorporateDevelopment, Asia

● Vikash Kothari, Head – KeyAccounts & Business Developmentwith Bharti AXA IM, joins EdelwiessAMC as Vice President & NationalHead – Institutional Sales

● Nisar Sindhi and Deepak Salujajoin JP Morgan Private Bank asExecutive Directors at its Dubai andSingapore locations respectively

● Tata AMC’s former Chief ExecutiveOfficer – Ved Prakash joins L&TFinance as Chief Executive – CapitalMarkets & InvestmentManagement Group

● Raju Sharma is now Senior FundManager – Fixed Income at TataMutual Fund

● Prateek Agarwal from Bharti AXA, moves to ASK Mutual Fund as Head – Equities and ChiefInformation Officer

Profit Comparison of Top 5 AMC

0

50

100

150

200

250

300

HDFC Reliance ICICI Birla Sunlife UTI

CAPITAL MARKETS

Debt capital marketsIndian banks that have balance sheetexposure to offshore markets areexploring the possibility of raising fundsfrom both traditional and non-traditional markets, in an attempt todiversify their investor and lender base.Institutions are digging deeper intomarkets other than G3, such asSwitzerland or China.The MTN debtprogramme has also been preferred bymany issuers. Several Indian players areselling Yuan-denominated bonds.Distribution capability in internationalmarkets remains a gap area for Indianfinancial services players, and willcontinue to see hiring activity.

Debt deals have fallen by more than 15 percent, while Mergers andAcquisitions (M&A) volumes have fallenby more than 35 percent. US dollar bondissuance volumes rose by 200 percent;but including local currency bonds, totalDCM volumes have fallen. Several newplayers are eyeing the DCM market,

including HDFC Bank that is focusing onthe infrastructure sector to expand itsmarket share.

Equity capital marketsInstitutions remain positive despite thinequity issuance volumes this year, andcontinuous complaints about the lowfee scales. Indian companies areincreasingly pondering listings in NY,London or even HK. ECM volumes fell bymore than 50 percent.The M&A spacehas seen hiring in the first half of thisyear.We have also witnessed senior levelchurning in major banks, which has putgreater pressure on performance anddelivery. Hiring trends in ECM shouldpick up towards the end of the financialyear, when the markets are expected toopen up and the deal pipelineapproaches execution.

There has been a significant increase incross-border transactions, which accountfor over 80 percent of the total value ofM&A deals, bulk contribution from

Debt crises and market volatility have prompted firms and banks alike to pause and reflect on theirgrowth strategies and future plans. But, amidst theturmoil, key players in the Indian industry still holdstrong to their faith in the country’s economy and itspotential for sustained growth.

Exploring new horizons

Firms are adopting dynamic strategies to seek new sources of revenue. While the market is predominantly cautious in its approach to expansion, some players are viewing this time as a period of opportunity to streamline their

organisational structure.

BY SURESH RAINA

pg.9

the hunt reportPEOPLE MOVEMENT

inbound deals in energy, mining andtelecommunications sectors. Thecurrent-day situation is diametricallyopposite to last year, when domesticdeals were in the range of more than 90percent. Several players are consideringcreating a stronghold in sector-specificcapital markets. Barclays, Goldman Sachsand RBS have added talent at the seniorlevel to bolster their Equities desk. RBS is focusing on trading and investmentbanking, while Barclays expects toexpand through equities sales, tradingand research businesses. CBRE hasstrengthened its capital markets team to advise real estate funds for structured deals, in addition to its realestate business.

At a time when most domesticbrokerages are grappling with the twin challenges of shrinking cash marketvolumes and low commission, foreignmajors such as Daiwa, Jefferies, Barclays,RBS, Espirito Santo and Newedge arebetting big on India and have pursued aserious hiring plan.

Sector outlookFirms are worried about investing innew hires especially in supportfunctions, largely on account of the debtcrisis in Europe. A few firms have begunto regularly assessing their staff’sperformance and trimming away thebottom 10 percent—a convenientmethod of head count reduction—to beable to hire more effectively in othercritical areas.The outlook for 2012,assuming headcounts return to normaland the worries of Greece exiting theEuro desist, looks healthy as there is stilla great deal of future demand.

● Devyesh Kumar has moved fromFortune Financial to RBS as Head –Equities

● Keshav Sanghi has moved fromCiti to Goldman Sachs as ManagingDirector & Head – Equities

● Kausik Datta moved fromStandard Chartered Bank to UBS asDirector

● Rajiv Vaid has joined DaiwaCapital Markets as Chief OperatingOfficer & Executive Vice President.He was earlier with CitigroupGlobal Services

● Amrish Singh has moved fromDaiwa Capital to BoA MerrillLynch’s as Head – DCM

● Ganesh Murugaiyan from UBSSecurities is now Head – M&AAdvisory at BNP Paribas

● Vikas Khattar moved from Citi toMorgan Stanley as Head – GlobalCapital Markets

● Barclays Capital has hired AvinashThakur as Director – DCM. He waspreviously with BoA Merill Lynch

● Harish Raman moved from UBS toCiti as Director – ECM

● Morgan Stanley’s AnantShirgaonkar is now ExecutiveDirector & Head – India Sales, UBS

● Monil Bhala moved from MorganStanley to UBS as ExecutiveDirector – Equity Sales

● Kumar Singhee has joined UBS asDirector. He was formerly with BNPParibas

● Vivek Jain moved from Edelweissto UBS as Director – India SalesTrading

● Pankaj Vaish from Nomura isnow Head – Markets at Citibank asHead of Markets

● Rohit Dusad has been appointedby Citi as Director – Origination inCredit Markets Trading. He wasformerly employed with JP Morgan

● Aditya Bagree moved fromNomura to Citi as Director – CreditStructuring

● Anand Rathi has hired PraveenChakravarty, from BNP ParibasSecurities, as Chief ExecutiveOfficer – Investment Banking &Equities

● Neil Bharadwaj moved from Bankof America to Credit Suisse asChief Operating Officer

● Anantha Narayan moved fromICICI Securities to Credit Suisse asDirector – Equity Research

● Ankur Choudhary moved from JPMorgan to Credit Suisse as Director– Global Markets Solutions Group

● Bhuvnesh Singh from CreditSuisse is now Head – EquityResearch at Barclays Capital

● Neel Shahani moved from IIFL toBarclays Capital as Head – EquitySales Trading

● Gaurav Kumar and Nikhil Bhatiamoved from Credit Suisse to CBREas co-heads of Capital Marketsdivision

● Arun Khurana moved from RBS toIndusInd Bank as Head – Markets

● Rambhushan Kanumuri movedfrom JM Financial to BarclaysCapital as Head – M&A and CapitalMarkets

● Vikas Khattar from Citi is nowManaging Director and Head –ECM at Morgan Stanley

● Ajay Marwaha moved from Daiwato HDFC Bank as Head – Trading

COMPENSATION AND BENEFITS

● The change in attitude is reflected inthe increased focus from ChiefExecutive Officers on attracting theright talent by right pricing roles, andon providing appropriatecompensation plans to retain topperformers within the organisation.

● People costs/compensation contributesignificantly to the overall cost ofbusiness operations,and impact topline and bottom line numbers.

● Globalisation has presented severalnew challenges and a growing needfor alignment of compensationpolicies and practices.These policiesmust also comply with the regulationsand sensitivities in different countries.

● Technology is creating opportunitiesfor enabling the implementation/administration of an otherwiseseemingly complex suite of benefits;and has enabled the automation ofthe basic payroll process.

Hence, from a role that was primarilyintended to support business, the

Compensation and Benefits function hasevolved into a more integral strategicbusiness partner role.The Compensationand Benefits Manager is now calledupon to create innovative and effectivestrategies that align compensation andbenefits with the organisation’sobjectives. Here, the most effectivepolicy is one that aligns with the currentbusiness strategy, is affordable andsustainable, drives productivity throughappropriate pricing and bonus practices,and thereby attracts and engages keytalent. Fairness in policy is especiallyimportant, since inequality or lack ofdifferentiation can bring aboutemployee disengagement.

Changing responsibilitiesIn recent years, the trend has been toprovide a suite of offerings, and theflexibility for employees to choose fromthese offerings based on their individualneeds.The Compensation and BenefitsManager has to keep abreast of thechanging needs of the employee

The Compensation and Benefits Manager hastransformed into a strategic business partner, withcompensation being a key component in fostering profitmaximising behaviour.

Nurturing talent

The traditional back office payroll function has, in recent years, transformed into a strategic Compensation and Benefits role. Today, compensation is considered a critical component to attract, retain and engage the best talent

by key organisations around the world.

BY ANNE PRABHU

pg.11

the hunt reportPEOPLE MOVEMENT

population, and ensure that all thediverse needs are catered to. Around theworld, organisations are still coping withthe aftermath of the financial slowdown,and are actively seeking ways andmeans to keep costs down. Accordingly,the emphasis is now on paying adifferential compensation for those whocreate the most value for theorganisation rather than paying fortenure alone; and also on rewardingstrong performance, keeping in mindthe organisation’s short-term and long-term strategies. From thetraditional cash (base + bonus) structure,organisations are now moving towards atotal rewards philosophy that articulatesall rewards—including learning anddevelopment, career development,enhanced productivity through process improvements, etc.TheCompensation and Benefits Manager,therefore, is responsible for framing this philosophy, and enabling businessmanagers to manage expectations andcorrect perceptions.

With organisations seeking moreeffective ways to attract and engageexceptional talent, the criticality of theCompensation and Benefitsprofessionals has increased. Smallerfirms are engaging with boutique firmsthat consult in Compensation andBenefits, while Compensation andBenefits specialist roles are key positionsin larger organisations. Professionalswith strong business orientation andexpertise in this field are sought after.Organisations that have recruited seniorCompensation and Benefitsprofessionals include GE Capital, LeviStrauss, Philips, Nielsen and Verizon.

● Lipika Verma has moved fromNokia, Head C&B to GE Capital as Vice President – Compensation& Benefits

● VPB Karthikeyan has joined LeviStrauss & Co. as Senior Director –Global Compensation & Benefits.He was earlier employed withiSOFT, a CSC Company as Director& Head HR

● Nirmal Kumar has beenappointed Vice President –Performance & Rewards with HSBCTechnology and Services – ServiceDelivery. He formerly held the postof Industry Leader, HR Consulting,India, IT & BPO at Hewitt Associates

● The Nielsen Company has hiredPraveen Menon as AssociateDirector – Compensation &Benefits. Before this, he was theAssistant Vice President – Rewards& Performance Management with IDBI Fortis Life InsuranceCompany Ltd

● Yathish Alva from TemptationFoods Ltd has been appointed asHead – Compensation & Benefitswith diamond jewellery specialistKama Schachter

● Naveen Chilla has moved fromDeloitte, where he worked asManager – Total Rewards toVerizon Data Services as Head –Compensation and Benefits

● Rajesh Bangera, formerly Head ofBenefits & Settlement with RBSGroup, has joined Diligent MediaCorporation Ltd (DNA) as Head –Compensation & Benefits

● Balaji Subbaraman from PhilipsElectronics India Ltd has beenappointed as General Manager,Head – Compensation and Benefitsby Coffee Day Group

● Standard Chartered Bank’sMadhav Keswani has moved toAditya Birla Group as Vice President– Group HR (Rewards and Benefits)

● Aakash Yajaman from IndiaInsure Risk Management Serviceshas been hired by UnisonInsurance Broking Services Pvt. Ltdas Vice President – EmployeeBenefits. He formerly held the postof Head – Employee Benefits

● Towers Watson India has appointedRishabh Shah as SeniorConsultant and Regional Lead. Heformerly worked with DeutscheBank Operations as Manager – HR

● Steria India’s Natasha Walia,Senior Manager – Compensation & Benefits is now working withEricsson as Head – Compensation & Benefits

● Swarup Das has moved fromSodexo Facilities ManagementServices Pvt. Ltd, where he held thepost of Assistant General Manager– HR to Kuoni Travel Group.Here, he will assume the role ofHead – Compensation, Benefits & Compliance

● Monisha Chadha, AssociateDirector – People & Organisationwith Ernst & Young joins Philips as Director – Compensation & Benefits

ENGINEERING SERVICES

Domestic turf● US-based Aecom Technology Corp.

acquired Spectral Services ConsultantsPvt. Ltd, an engineering consultancyfirm located in Delhi

● NYSE-listed technical professionalservices firm—Jacobs EngineeringGroup Inc., acquired majorityownership of Delhi-based ConsultingEngineering Services India, a firmengaged in services related to power,infrastructure and civil engineeringwithin the country

● Global Engineering Consultant,The Meinhardt Group, acquired Indianconstruction technology provider,Eigen Technical Services

Other global companies such as Bechtel,Fluor Daniel, Mott MacDonald, MWH,CH2M Hill and Jacobs Engineering, toname a few, are witnessing robustgrowth.This growth is spurred by thelarge number of infrastructure projectsbeing implemented across sectors.Key examples of these include the metroprojects in Bengaluru, Delhi, Hyderabad

and Kolkata, for the rail and transitsegment; several airport upgradationprojects; oil and gas projectsimplemented by Essar, Reliance, Cairn,etc. Plus, there are power generation anddistribution projects being developedacross the country by L&T, RelianceInfrastructure,Tata Power, etc. Hence, thedemand for talent with comprehensivedomain knowledge and experience inlarge-scale projects is on the rise.

The offshore overviewA competitive global market forengineering services has made itincreasingly important for organisationsto bid competitively for outsourcedprojects, while also ensuring profitableoperations.This balance, althoughdelicate, has become a survival strategyfor a large number of European andAmerican players. Global majors such asGeneral Motors, Ford, BMW,Volvo, GEand Boeing have set up captive designcentres or have off-shored to thirdparties.This is also the case with whitegoods and aircraft manufacturers.

The Engineering Services sector—both domestic andoffshore—is poised for strong growth. While thedomestic sector has been buoyed by numerousinfrastructure projects, the offshore segment is targetingan innovation-oriented approach to maximiseprofitability and enable revenue growth.

Engineeredpower play

With India expected to spend approximately $1 trillion on infrastructure during the12th Five Year Plan, global engineering consultancies are expanding theirpresence in the country–both organically and through acquisitions.

BY ANNE PRABHU AND ARJUN ERRY

pg.13

the hunt reportPEOPLE MOVEMENT

Today,outsourcing is not just aboutleveraging the cost advantage,but alsoabout harnessing innovation andmanaging a large part of the design fromIndia. In addition to global players,severalIndian organisations such as the Tatasand Mahindras are also expanding theirdesign capability to develop products forIndia and the international market.

This shift in focus from off-shoring forlower costs to off-shoring for innovationamong evolved organisations in theaerospace sector, for instance, has alsoled to a strong preference for specialistfirms.The Economic Times had reportedin May 2011 that niche engineeringservices providers—QuEST and Cades—outbid bigger Indian rivals (includingInfosys and Mahindra Satyam) to win anoutsourcing contract from Airbus, theworld’s largest commercial aircraftmanufacturer.This contract pertained tocomplex engineering projectspotentially valued at over $300 million.Today, there is a palpable demandwithin the industry for leaders who havethe ability to manage the profitabilityand growth of engineering deliveryorganisation, and possess the criticalcombination of strong operational skillsand business acumen; talent with nicheskills in product engineering; and leaders

with the domain expertise and ability to manage large-scale projects. As asenior professional commented, growthin engineering services is onlydependent on the organisation’s abilityto leverage talent; business otherwise isthere for the taking.

● IBM’s General Manager & IndustryLeader (Aerospace & Defence) –Anup Vittal has been hired asManaging Director by SafranEngineering Services

● Avinash Salelkar has joinedSyntel Inc as Vice President –Automotive & Manufacturing. Heformerly held the post of VicePresident & Global Head(Engineering Services) atGeometric Ltd

● Gajbir Singh, formerly Head –Engineering Services at Accenture,has moved to Defiance as BusinessHead – Engineering Services

● Girish Mysoreprasad resigned asGeneral Manager at Quest to joinL&T IES as Head – Aerospace

● Mahindra Satyam hired MathewChacko, former Chief OperatingOffice at Infotech HAL, as VicePresident – Aerospace

● Sandeep Sharma, Head –Transportation with MouchelInternational, has moved to PwC asAssociate Director – Infrastructure

● Infotech Enterprise’s Practice Head,Vidyapathy NVK, joined L&T IESas Head – Automotive

● Former Director of EngineeringServices at Unisys, US – VivekAlwayn has moved to DimensionData as Country Head –Professional Services

● KPIT Cummins’ President &Executive Director – GirishWardadkar is now ChiefOperating Officer at L&T IES

FINANCE

Further, 40–50 percent of CFOsanticipate less than 10 percent growth at the individual company level, and 33 percent expect growth between 10 and 20 percent. Only 27 percent ofthe CFOs surveyed expressed their beliefthat there would be 20 percent plusgrowth within their individualcompanies–these were highvolume/transactions business CFOs.

Domestic growth predictedOne of the most interesting statisticsthrown up by the survey was that 66 percent of the respondents believedthat projected growth would come fromdomestic demand versus internationalmarkets. Only 27 percent believed thatgrowth would be driven by acombination of the two. Barely 22percent CFOs are expecting to increasecapital spending in the year; while 40percent are uncertain about increasedinvestments. Investing targets are

equally spread out between enhancedproduction capacity (28 percent), newproduct development (34 percent) andexpanding to new markets (38 percent).Less than 20 percent of the CFOssurveyed expect to engage in anacquisition in the next 12 months. Infact, over 60 percent have definitivelystated that they will not expand throughthe Mergers and Acquisitions route. Anoverwhelming majority (90 percent)who have driven an acquisition in thepast, or propose to do so in the year tocome, will use internationaladvisory/investment banks.

Selective hiringThe majority, or about 85 percent, ofIndian executives surveyed are planningto increase their headcount during theyear. However, keeping in mind theanticipated less than 8 percent growthof the Indian economy, 60 percent of theCFOs anticipate less than 20 percent

Hunt Partners conducted a survey with leading financeprofessionals in India. The results are interesting–a blendof caution and optimism with respect to economicgrowth and company growth, resulting in a morefocused hiring process for the coming year.

Slow, but steady

Despite ongoing concerns about the onset of yet another economic slowdown,Chief Financial Officers (CFOs) remain cautiously bullish about continued economicgrowth in the country. As per a survey conducted by Hunt Partners, an

overwhelming 86 percent of the CFOs questioned expected Gross Domestic Product(GDP) growth of 5–8 percent in H2 2011–12, down from 8.5 percent in the correspondingperiod of 2010–11.

BY SUNISHI GABHAWALA

pg.15

the hunt reportPEOPLE MOVEMENT

growth in headcount during FY 2012–13over 2011–12.Technology and globalCFOs are more bullish about hiring, andexpect to increase headcount at theindividual company level at the rate of20–30 percent. More immediate, oldeconomy sectors such as mining andmanufacturing expect to see favourablehiring requirements in Quarters 3 and 4of 2011–12. Increasingly, early growth orprivate equity-funded companies arelooking to hire ‘big company’-trainedCFOs with strong systems orientationand excellent governancemethodologies. Some commonlydemanded requirements include:● Promoter – emphasis on cultural fit,ability to build systems and processes,strong controllership skills and efficientmanagement of costs. Essentially, theCFO must be able create systems thatmatch the scale of, and drive growthwithin, the organisation● PE Fund – ability to structure thebalance sheet, fund raising andanalytical skills, experience withproviding detailed MIS and workingtowards improving valuations ● Common skills – ability to work in anambiguous and unstructuredenvironment, excellent skills in

maintaining investor relations, ability to work in a start-up environment,a hands-on approach and involvementin all aspects of the business function.

Hiring challenges remainDespite a less aggressive hiring growthplan, CFOs say their companies arefinding it more difficult to acquiresufficiently-skilled people than they didfive years ago.

● Vinit Jain – Chief Financial Officer,Zee Learn Ltd has moved to SUN18Media Services North Pvt. Ltd. Hewill hold the same position in the new company

● eMeds has hiredBalasubramaniam as ChiefFinancial Officer. He was formerlyVice President – Finance of Aris Software

● Vineet Joshi assumes the post ofChief Financial Officer – PrecisionAutomation & Robotics, from hisprevious role as Chief FinancialOfficer, Walchandnagar Industries

● Sagar Patil moved from DHLExpress (India) Pvt. Ltd to AllcargoGlobal Logistics Ltd as VicePresident – Accounts and Finance.He formerly held the position ofChief Financial Officer

● Yes Bank’s former AssociateDirector – Suraj Chatrath takesover as Vice President at SREIInfrastructure Finance Ltd

● Sunil Mehra, former ManagingDirector – Corporate FinanceGroup of Standard Chartered hasjoined MAPE Advisory

● TBWA\ India has hired ManoshMukherjee as Group ChiefOperating Officer and ChiefFinancial Officer. He was formerlyChief Operating Officer & ExecutiveDirector of Bates 141 (India)

● Rohit Pathak and GautamSwarup, both Associate Principleswith McKinsey, have joined AdityaBirla Group and DRL, respectively.Mr Pathak will be part of theChairman’s Office (Strategy Team)while Mr Swarup will serve asSenior Director (Strategy andCorporate Development)

GDP Growth

0

10

20

30

<5% 5 - 8% >8%

Organization Growth

0

5

10

15

<10% 10 - 20% >20%

Employee strength in FY 13

05

10152025

<20% 20 - 30% >30%

Source of Growth

05

10152025

Domes�c Interna�onal Both

About the Data: Thirty-three CFOsresponded to the survey during the twoweeks ended October 15, 2011.

INDUSTRIAL

These statistics open up new windowsof opportunity for the electricequipment industry in India. SeveralEuropean companies, including LucySwitchgears in a joint venture with CG,DEIF, Lapp and Hummel, have set uptheir manufacturing facilities in India.This has resulted in noticeable talentmovement in the past 12–18 monthsacross functions, spanning frommanufacturing to finance to sales.The expertise and networks brought in by local talent is a valuable enabler for a company entering the Indianmarket, to ensure a strong foothold.DEIF successfully hired SureshBadrinarayanan,Vice President, Havells,as Country Managing Director.Ramanath Gurzala, General Manager,Human Resources at Ace Designersjoined Lapp India as Vice President – HR.

However, equipment demand is cyclical.Expansion, and consequently hiring, isdependent on order books and

competition. In the case of certain Indianelectric equipment manufacturers suchas TRIL, KEI and Indotech, these firmshave added capacity in anticipation ofgrowing demand, and may notnecessarily have an immediate need fortalent. On the other hand, select largeplayers such as BHEL have recently wonlarge orders, and will continue to addmanufacturing and resource capacities.

The Indian growth storyA growing trend driven by costadvantages, among the Engineering,Procurement and Consulting (EPC) andpower generation companies, was tosource competitively-priced equipmentfrom China and Korea. Concerned aboutquality and after-sales service ofproducts sourced from overseas, thegovernment has introduced a newclause in the bidding process thatmandates the use of only goodsmanufactured in India in Indian projects.As a result, orders negotiated with

Government support for home-grown electricalequipment manufacturers has served as a much-neededshot in the arm for the domestic sector. The resultantgrowth has been further encouraged by the rapidproliferation of the electricity sector in India.

The electricalconnect

● 10 percent – the shortage of power India faced in 2010–11 ● 12 – the number of hours that tier II and III towns spend with no electricity ● $400 billion – projected investment by the Indian Government by the end of the

12th Five Year Plan in 2017 ● 120 GW – anticipated addition to installed power generation capacity by 2017

BY SUNISHI GABHAWALA AND RAHUL ROY

pg.17

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Chinese manufacturers were rescinded,resulting in appreciable loss to the FarEast companies. Some companies havetried to work around this clause bysetting up manufacturing plants in India.Chinese firm,TBEA has alreadycommenced construction of a plant nearVadodara, in Gujarat. Such measures byFar East companies will provide animpetus to hiring across levels in theelectric equipment industry, especiallyon the technical front.

Other key growth indicators in thepower sector that will fuel demand fortechnical and qualified electricalengineers include:● Twenty-eight percent growth in high

voltage and Extra High Voltage (EHV)switchgear, due to sustained demandfrom the power grid, IndependentPower Producers (IPP) and the utilities segments

● Demand for Medium Voltage (MV)breakers for substation projects hasresulted in growth of over 30 percentfor the sector

● For every MW capacity addition, theMVA requirement of distributiontransformers is eight to fifteen timesmore, depending upon the distanceto which the power is being supplied.Accordingly, the transformer industryhas grown by 15 percent.While, onone hand, domestic demand is on rise,on the other, exports have declined

● The energy meter sector isexperiencing healthy growth on thedomestic and export fronts acrosssingle and poly phase static products.The industry is involved in developingspecifications for ‘smart meters’, withthe Ministry of Power

Non-power sector industries that useelectric equipment also demonstratecontinued demand for these products.● Low Voltage (LV) switchgear

products continued to witness growth of more than 20 percent,due to sustained demand from thecement, steel, original equipmentmanufacturers, construction andinfrastructure sectors

● The cable sector saw an overall rise indemand of 16 percent, mostly drivenby the control cables segment, whichsaw growth of 32 percent

● Demand for the rotating machineindustry has grown by 12 percent,mainly for LV motors and alternators.Sectors such as paper, textiles andpharmaceuticals are sensitive toenergy efficiency, and hence themarket share of energy-efficientmotors is also increasing

Indian exports of electrical equipmentaccount for less than 1 percent of theglobal trade.With electricity being asunrise sector across the developingworld, there is also significant exportpotential for the domestic industry.

● IBM’s Rajesh Nandwani, GeneralManager, SBU & ProductManagement at C&S has moved toAnchor Panasonic as BusinessHead – Switchgears

● Ranganathan VP, GeneralManager – Operations & Projects atAreva T&D has been hired byBharat Bijlee as Business Head

● ABB has appointed Anupam Aryaas Vice President – TechnologyCentre for HV Products. He wasformerly Unit Managing Director atAreva T&D

● Vineet Trakroo, Vice President –Marketing at CavinKare has joinedUsha International as VicePresident

● Sunil Bakshi joined EnergeticLighting India as Chief OperatingOfficer. He was formerly AssistantVice President at Havells-SylvaniaLighting

● Prashanth Doreswamy moved to Ingersoll Rand as Plant Director.He was earlier with Tata JohnsonControls as Plant Head

INFORMATION TECHNOLOGY

While exports continued the upwardtrajectory, the domestic hardwarebusiness that contributes 14 percentto the overall industry showedsluggishness, with PC shipments inthe quarter ended March 2011recording a below-expectation 6.2percent Year-over-Year (Y-o-Y) growth,due to a slump in consumer demand.

During FY 2011, the Indian IT industrygenerated direct employment of2,40,000, taking the total employeebase to 2.5 million. The calendar year2011 began with an abrupt change inguard at Wipro, followed by theappointment of a new Chief ExecutiveOfficer at Infosys. During the course ofthe year, we also saw a change in thepecking order in terms of revenue,of the Top Five companies, withCognizant displacing Wipro to pegitself at the # 3 slot.

The Q2 results for the Big Five services companies are a mixed bag.While TCS’ net profit fell short ofexpectations, Infosys’ sequential netprofit growth at 11 percent was in linewith investor expectations. Althoughsome part of the profit growth can beattributed to the Rupee depreciation,the focus on cost optimisation hasyielded dividends. As these giantscontinue to tighten their purse-stringsand focus on execution, selectivelateral hiring for top talent with strongoperational and project managementskills is on the horizon for the nexttwo quarters.

Social technologyOn the technology front, with moreapplications becoming available onmobile platforms including tablets,these devices are fast becoming thenew office, unleashing the true

One of the first sectors to bounce back from the globaleconomic meltdown, the Information Technologyindustry in India is already showing signs of healthyrecovery. Backed by a growing need for mobile business,business and hiring trends in this sector are looking up.

Globally connected

The Information Technology (IT) industry, which includes IT services, IT-enabledservices (Business Process Outsourcing), engineering service and hardware, cameback strongly to clock an impressive growth rate of 19 percent in 2011 compared

to last year’s 6.5 percent. The contribution of this sector to India’s Gross Domestic Product(GDP) increased to 6.4 percent in the year 2011 and, given that the exports account for two-thirds of the overall revenue, the impact on nation’s trade surplus continued to be significant.

BY SUNIL PANDITA, ARJUN ERRY AND ANTONY VARGHESE

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potential of mobility. The advent ofsocial media has spurred a new trend among business in India, withthe number of followers serving as the metric of brand popularity. At the same time, enterprises are stillgrappling with monetisation modelsfor their extended social networks.This has resulted in closercollaboration between business andIT. Additionally, the more progressivefirms are redefining the traditionalChief Marketing Officer (CMO) andChief Information Officer (CIO) roles to include internet technology as akey business driver. Companies willincreasingly look for tech-savvybusiness leaders who are comfortablewith digital media.

The industry continues to invest inpeople and build capacity by hiringnew talent (both entry and lateral)and making sustained investment intraining and up-skilling humancapital. The training spend peremployee in the IT-BPO industry isamong the highest in the organisedservices sector. Soft-skill training isalso gaining increased traction.

New pasturesNew verticals such as retail,healthcare, media, utilities andtransportation are emerging as the key growth drivers in technologyadoption, with a 50-percent higherbudget outlay as compared to thetraditional Banking, Financial Services and Insurance (BFSI) andtelecom industries. As the stress in the US economy continues, and with

Eurozone slips deeper into aneconomic crisis of sorts, topcompanies are strategicallydiversifying to Asia Pacific, the Middle-East and Africa, and otheremerging markets to sustain growth.

Many top players are contendingcheek-by-jowl to capture the highgrowth market (industry and geo)berths. A direct consequence of thischange in focus is that onsite talent,which was hitherto concentrated inthe North American market, will bereassigned to APAC, often in tandemwith local talent in language-constrained countries. This trend hasalready been set in motion, withVidyapathy NVK moving from InfotechEnterprises to lead the AutomotiveSector at L&T IES. Similarly, ReligareTechnova hired Anoop Singh Sengaras the Regional Director – Middle East& Africa (MEA), Ravi Saxena movedfrom Cisco to Brocade to lead APACService Provider Sales.

Another trend that is also gatheringsteam is non-resident Indians seekingcareer opportunities in India, as wellas foreign nationals moving to Indiafor a period of two to three years, tooutlast the economic uncertainty intheir home countries. The resultantworkforce diversity is a boon forIndian companies, who are leveragingthis trend to support their quest for global expansion.

● Anup Vittal has moved from IBMto Safran Engineering Services asManaging Director

● Ashok Shenoy from SunMicrosystems is now Vice President– Data Centres, at Cisco

● PJ Nath joined Nelco Ltd, a Tatacompany as Chief Executive Officer

● TR Srinivasan is now GlobalDelivery Head of Dimension Data

● Puneet Mohan left MahindraSatyam to join FirstsourceSolutions as Vice President – CRMfor Asia Business Unit.

● Manoj Chandan Jain moved toBirlasoft as Vice President & GeoHead, India & ME

INFRASTRUCTURE

CoalMany Indian companies are investing inwhat is referred to as pit-to-port, tosecure a steady supply of raw material.Indonesia, despite being the world’slargest thermal coal exporter, its local taxand infrastructure issues are forcingIndian companies to look at morefavourable opportunities in Australianmines. Some of the major deals includedLanco Infratech and Griffin Coal, AdaniGroup & Linc Energy & Abbot Pointterminal, GVK & Hancock Coal, and GMREnergy & T Golden Energy Mines.Subsequently, there is a high demand fortalent who can help Indian corporationsto manage their expanding footprint.

MiningWith increased activity in the miningsector, the demand for mechanisationand highly productive, safe, efficient andcost-effective machinery will increase.The Indian mining equipment industry is

seeing more international playersentering the sector, and local companiesramping-up their production capacities.The cabinet has approved the MiningBill calling for funding local schools,hospitals and roads using profits androyalties from reluctant mining firms-amove that may kick-start several stalled projects.

Roads and highwaysIn stark contrast to the earlier trend ofthe government allocating grants in theform of viability gap funding, developersnow find highway projects lucrativeenough to offer hefty premiums.However these developers are alsobearing the brunt of an increase in thecost of borrowing in recent months.These projects also present tremendousopportunities for players who possess acombination of Engineering,Procurement and Construction (EPC)and Build, Operate and Transfer (BOT)

The Indian infrastructure segment stands at a crossroadsof sorts, with traditional models crumbling under thepressure of reduced funding and inadequate investment.

Joining hands to build thefuture

The first half of the year has seen mixed fortunes for the infrastructure space—while themarket still holds promise for this sector, most firms are bogged down by impedimentssuch as the unavailability of investment and delays in government policy.The availability

of talent is another major constraint, with the Public Sector Undertakings (PSUs) stillcontributing a fair share to the availability pool, and the larger players in the private sector notinvesting enough on developing their internal leadership pipeline.

BY SURESH RAINA

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skill-sets. Some major deals includeMorgan Stanley JV with Isolux Corsan,Tata & Hochtief and IDFC andMalaysias Khazanah.

Renewable energyUnlike the West, where investments inthe Renewable Energy sector haveslowed down, Indian clean technologycontinues to attract venture and PrivateEquity funding.The government haslevied taxation on coal, and hasapproved the Payment Security Schemeunder Phase 1 of Solar Mission.Thescheme will facilitate the setting up of1,000 MW grid-connected solar powerprojects, to achieve the targets laid outby the National Solar Mission. Majordeals include RPower (ADAG) loan fromthe US Exim Bank and Goldman Sachsinvestment in ReNew Wind Power.

PowerAccelerated Power Development andReform Programme (APDRP) projects aretaking off,with the franchisee model ofelectricity distribution already beingimplemented in several cities.Further,T&D BOOT projects have witnessedincreased interest in ultra megatransmission projects for the evacuationof upcoming UMPPs.The sector iswitnessing increasing interest fromChinese/Korean players such as Hyosung,TBEA and Baoding,among others.Powerproducers are placing orders forSupercritical Technology equipmentwith international manufacturers.Expats working for power projects arehelping foreign players to challengelocal firms such as BHEL and L&T.Theseengineers also help to plug the localavailability gap for specialised talent.

● Ravi Khanna moved from ScatecSolar to join Aditya Birla Solar Power Business as ChiefExecutive Officer

● Parminder Sandhu from ShellIndia Markets has joined IngersollRand International as CountryBusiness Head and GeneralManager

● Ajay Awasthi moved fromReliance Communications to joinDuron Energy Pvt. Ltd as Presidentand Chief Executive Officer

● VS Gopinath, who was formerlyemployed with AT&T, has nowjoined Reliance Communication asPresident & Chief Operating OfficerEnterprise – (Global Com)

● Kaushik Pillalamari moved fromVerizon to join RelianceCommunication (Global Com) asHead – Data & Devices

● Reliance Communication (GlobalCom) has hired Rory Cole fromVerizon as President – Carrier & ISP

● Anil P Gupta moved fromHoneywell International to joinReliance Infrastructure as President& Head

● Andrew Thomas moved fromLondon Underground Railways tojoin Reliance Infrastructure as Chief Operating Officer – DelhiAirport Express

● Kannan SR moved from TataCommunications Ltd to joinVerizon Business as Head – GlobalStrategic Services

● Girish Mysoreprasad hasresigned from Quest to join L&T IESas Head Aerospace

● Ajit Yadav moved fromFoxMandal Little to join VedantaResources as President & GroupGeneral Counsel

● Vinayak Joshi from Unisafe FireProtection Specialists LLC hasjoined Honeywell as Director –Supply Chain HBS Asia

● Rajeev Bhadauria moved fromReliance Infrastructure to joinJindal Steel & Power Ltd as Director– Group HRM

● Amogh Nawathe from Voltas hasjoined ABB as Vice President/BUHead – Minerals

● Narayana Prakash Saligrammoved from Enzen GlobalSolutions to join MEMC ElectronicMaterials as Director – RemoteArea Power Systems

● VM Rao moved from EmiratesAluminium to Lanco Solar as SeniorVice President – Human Resources

● Ramakrishnan R moved fromGMR Energy to join Caparo Energy(India) Ltd as President

● Emmanuel David moved fromRamky Group to join SREIInfrastructure Finance Ltd as CHRO

INVESTMENT BANKING

The news closer home is not positiveeither. A slump of 20 plus percent YTD inIndia’s benchmark Sensex, and risinginflation and interest rates have seendomestic M&A dwindle in Q1–Q3 2011,as compared to the same period lastyear. According to Mergermarket,corporate India saw 177 deals totalling$26.8 billion in the first nine months of2011, a decrease of 41.5 percent by value and 16.9 percent by volume ascompared to 2010.

A few large M&A deals during the firstnine months have significantlycontributed to the total deal valueduring the period–BP Plc’s $7.2 billiondeal with Reliance Industries andVodafone Group Plc’s purchase of 33 percent stake, worth $5.46 billion,

in Vodafone Essar. Other significantM&As were the acquisition of assets ofHancock Prospecting ($1.26 billion) byGVK Power & Infrastructure, and the saleof 5.5 percent stake in Vodafone Essar byPiramal Healthcare for $640 million.

Despite the challenges facing theindustry, 2011–12 may still end on apositive note, if the government takes a few key decisive steps, such as pushingthrough the planned M&A norms for the telecom industry, allowing globalairlines to invest in local carriers andenabling the removal of the FDI cap on single-brand retail.

On the people front, the drought of 2011seems to be worse than the 2008economic crash, with European banks

From a spectacular start to a sputter is the story of thesector globally for the year 2011–something that is likelyto continue well into 2012. The domestic situation issimilar, with numbers slipping this quarter. While a fewstrategic hires have taken place, waiting it out seems tobe the choice for many.

Investment bankingsputtering after agreat start

Looking at Q1 global numbers, one would have imagined that the banking businesswas back with a bang. However, Hunt Partners’ own analysis of the same periodrevealed that the picture was far from rosy (Ref: Hunt Report May 2011). Rolling

forward to Q3 (July–September), the writing is on the wall. While the sum total of M&Adeals is up 9 percent Y-o-Y to $2.18 trillion, the value of third-quarter M&A deals stood atjust $633.3 billion–down 19 percent vis-à-vis the third quarter last year. According toDealogic, global M&A volumes hit $595.2 billion, down 18 percent from the secondquarter this year and 21 percent from the same quarter in 2010. Deal flow dropped by 9 percent from the second quarter. Experts continue to see global uncertainties weighingheavy on M&A activity.

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likely to see significant year-end churn.Many of the exits during the period havebeen of senior professionals. Strategichiring is likely to be the focus, besidesupgrading and replacement hiring,enabling banks to be better equippedfor the future. Recruitment at themiddle-management level and below is likely to continue to achieveincremental growth.

So, what is the outlook? ● The larger Indian investment banks arediversifying their product offering. Forexample, Kotak’s tie-up with Evercore● Boutique investment banks have faredbetter than their larger counterparts.New ones continue to spring up.The focus is likely to be on incrementalgrowth by stretching productivity● RenCap is one of the bigger players toenter the Indian market during the pastsix months.We anticipate no newentrants in the market in the near future● With rising inflation, lowering marginsand increasing interest rates, outboundM&A is unlikely to see much activity.The only sector where M&A willcontinue is commodities/resources

● Ashok Mittal from LehmanBrothers joins UBS as Head –Investment Banking

● BNP Paribas has hired GaneshanMurugaiyan as Head – InvestmentBanking

● Former Citi Managing Director –Nalin Nayar has moved toReligare as Head – InvestmentBanking

● Pramod Kumar has left Citi to joinBarclays Capital as ManagingDirector – Investment Banking

● Praveen Chakravarty has movedfrom BNP Paribas Securities to Anand Rathi as Chief ExecutiveOfficer – Investment Banking & Equities

● Barclays Capital has hiredRambhushan Kanumuri as Head– M&A and Capital Markets

● Rohit Dusad from JP Morgan hasjoined Citi as Director – Originationin Credit Markets Trading

● Saurabh Agrawal has joinedStandard Chartered as Head –Investment Banking Division

● Sughosh Moharikar from CreditSuisse will join Deutsche Bank asHead – M&A

● Anshuman Thakur is nowManaging Director – InvestmentBanking at Morgan Stanley

● Promit Ghosh has left Bank ofAmerica to start a new PE and M&A advisory firm

● Standard Chartered’s Sunil Mehrais now Managing Director –Investment Banking at MAPE Advisory

PHARMACEUTICALS AND HEALTHCARE

India at the foreIndia-based generics firms are nowleading their global competitors indiscovering and developing newbiopharmaceutical entities. India isreported to have nearly 90 innovativeproducts in the pipeline; almost half ofthem are already in the preclinical phase.In the face of such aggressive growth,the industry will undoubtedly witness aheightened demand for quality R&Dprofessionals.The 2011 CMRInternational Asia Pacific R&DPharmaceutical Factbook reports thatmultinational pharmaceuticalcompanies are likely to face increasedcompetition for new molecular entitiesfrom Indian generics companies, whocontinue to make significantinvestments in innovative R&D.TheseIndian firms have also generated the

largest new drug pipelines amonggenerics companies around the world inthe period 2006–10.

Another interesting developmentplaying out in the present-day market isthe strong focus of MNCs on the Indiansector. Indian pharma companies arenow waking up to an aggressive battlefor supremacy raging in their backyards.To capture maximum market share inIndia, global pharma majors areresorting to price cuts–a strategyperfected by Indian multinationals inoverseas markets, who now account fora fifth of the worldwide market. A Bankof America Merrill Lynch report statesthat the Top 10 MNC companies in Indiagrew 22 percent Year-over-Year (Y-o-Y)in August 2011, against the industrygrowth of 14 percent. Pfizer, Sanofi, MSD

The ongoing brouhaha about Foreign Direct Investmentnotwithstanding, the Indian pharmaceutical sector is now an innovation leader on the global fore,with a commendable number of innovative products to its credit.

The bitter-sweet pill

One of the fastest-growing markets in the world, the Indian pharmaceutical sectorcurrently stands in the eye of a whirlwind of raging debates and startling trends.The most recent of these is the dilemma of whether Foreign Direct Investment in

the pharmaceutical sector should be regulated and be capped below 100 percent. Thisfurore comes in the wake of several major acquisitions that the industry has witnessedover the past few years, and a genuine fear that these Multinational Corporations (MNCs)will seek to hike the price of drugs to recover their investment costs. Recent reports thatglobal pharma major, GlaxoSmithKline, has set aside $2 billion for acquisitions in Indiahave generated a lot of interest among domestic players.

BY ANNE PRABHU AND PRAFUL NANGIA

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(Merck) and AstraZeneca were thegrowth leaders (sales rose 25–32percent), who were propelled by strongbranding and a stronger focus on thedomestic market. Although short-termgrowth is reflected in these numbers, theoperating profit margins of the top ninepharma MNCs could take a knock goingforward.These firms will also findthemselves up against strong resistancein the form of increasing prices, in future.

Looking aheadA senior professional commented thatthe next battle in the pharma sector willnot be fought in the urban areas, but intier II and III cities. Many companies arehiring afresh and are re-training theirsales forces to focus on these markets.This realigned focus on the domesticmarket has created a sizeable demandfor quality talent in sales and businessroles, to lead the domestic business.Indian pharma companies, having donevery well in the overseas and domesticmarket in the past decade, are nowtraining their sights on attracting andretaining the best talent to drive growth.Key examples illustrating this trendinclude Gautam Swarup from McKinseyjoining Dr Reddy’s Laboratory as Head –Strategy and Alliances, Bhasker Iyer fromAstra Zeneca joining Wockhardt as

President – Domestic Business, NalinGarg from Coca Cola joining Wockhardtas President – Human Resources. Factorssuch as independence, wide span ofcontrol, and the ability to make adifference and contribute to shapingglobal Indian players act as key drivers.

● Bhaskar Iyer has joined theWockhardt team as President –Domestic Business. He formerlyserved as Area Vice President –South East Asia and India withAstrazeneca

● Fresenius Kabi India has hiredSadanand Kulkarni as VicePresident – Medical Affairs andClinical Research. He formerly heldthe same position at AbbottNutrition International

● Mahender Nayak has resignedfrom his post as Marketing Director– Specialty Care at AstraZeneca, tojoin Takeda Pharmaceuticals Asia-Pacific as Regional Marketing Lead– Cardiovascular & Renal Franchise

● Gautam Swarup, AssociatePrincipal, McKinsey moved to DRLas Head – Strategy and Alliances

● Deepti Varma, formerly Head –Business HR for API Business, DRLhas joined Amazon.com as HRBusiness Partner

● Ranbaxy’s Vice PresidentVenugopal Vijayendran is nowthe Chief Executive Officer ofOrchid Healthcare

● Apporva Nutra Pharma has hireda new Director in Alok Pandey. Heformerly held the post of ChiefExecutive Officer at UnifarmaLifeSciences Ltd

● Nageswara Rao Vasireddy, VicePresident – Business Developmentat Vimta Labs joined as Head –Business Development at ClinigeneInternational Ltd

● Founder member of HealthcareStart Up – Prasenjit Kundu hasjoined Globsyn Skills DevelopmentLtd as President

● Varuna Khurana has joinedUnimark Remedies Ltd as SeniorGeneral Manager – API Marketing.He formerly served as DomesticHead – API Sales & Marketing withCadila Pharmaceuticals

● Swadesh Behera, Director –Human Resources, at MSD Pharmamoved to Boston Scientific as VicePresident – Human Resources

● Sameer Khedkar, GeneralManager – Sales & Marketing atFDC has taken up the post ofDirector – Sales & MarketingExcellence at UCB Pharma

● Umesh Kunte, Business Director –APAC at Merck moved to BesinsHealthcare as Managing Director

● Roche Diagnostics has hiredAngshuman Chatterjee asRegional Head – Key Accounts. Hewas formerly associated withStryker India Pvt. Ltd as RegionalSales Manager – East

● Narendra Joshi, StrategicMarketing Manager with BeckmanCoulter moved to PhilipsHealthcare as Director – Marketing

Source: IMS World Review, Mckinsey Pharma Model.

Year Acquisitions2009 ● Sanofi-Aventis acquires Shantha Biotechnics

● Perrigo acquires Vedant Drungs & Pharma● Mylan acquires a 15-percent stake in Famy Care● Ventoquinol acquires Wockhardt’s veterinary business● Pfizer acquires rights to 60 Aurobindo Pharma products

2008 ● Daiichi acquires Ranbaxy● Frensenius Kabi acquires Dabur Pharma

Rank Country Market in USD bn Absolute % Growth2005 2015e Growth

1 US 248 444 196 79

2 China 13 38 25 192

3 Japan 68 80 14 21

4 France 63 46 14 44

5 India 6 20 14 233

6 UK 19 32 13 68

7 Canada 13 25 12 92

8 Spain 14 25 11 79

9 Brazil 9 20 11 122

10 Mexico 10 19 9 90

11 Turkey 7 15 8 114

12 Germany 31 38 7 23

13 South Korea 8 15 7 88

14 Italy 20 25 5 25

PRIVATE EQUITY

And so, we see a similar trend emergingin the private equity industry as well.One of India’s large institutional investorshas seen several stalwarts exit over thelast 18 months, spawning four newentities. Similarly, a large multinationalinstitutional investor lost several of itssenior people during the same period, tocreate two new funds. On the same lines,some large blue-chip private equityfunds in India saw their ManagingDirectors/Partners exit, each to start ontheir own. Rarely do we see entire teamsmoving out together, as is common inthe West.

Does the underlying reason lie in ourDNA? Do we generally work better asindividuals rather than in teams? Even though working as a cohesive unit enables the creation of largerenterprises, the desire to outshine therest still remains inherent within us.

After all,‘I’does come before ‘V’ in theEnglish dictionary.

The question therefore that begs to beasked is: what lies ahead for all theGeneral Partners (GPs) raising funds, andwhich of them will be successful? A fewhome truths reiterated may help us getcloser to the answer.1. Limited Partners (LPs) look for

stable teams that have workedtogether, essentially because‘Partnerships’are by nature prone to splitting

2. LPs want to see a good investingtrack record in India. As we haveseen, deploying money is verydifficult in the Indian context; exitingwith consistent and reasonablereturns is even harder.Teams thathave stayed together and wonprovide an implicit assurance thatthe money is in safe hands!

While the macroeconomic sentiment is, at best, edgy,top PE talent continues to move—albeit in ones andtwos—mostly to start their own funds. One would thinkit is prudent to consolidate in times like these; howeverthe stalwarts of the industry seem to think otherwise.

Sixty GeneralPartners raisingmoney in India?

The question may seem astonishing to an industry expert outside India, although itmay not be so in the Indian context. Creating a parallel, let us consider India’ssuccess in international sports. India has won six Olympic medals in the last 15 years,

all of them in individual sports such as tennis, weightlifting, shooting, wrestling andboxing. At the Commonwealth Games, New Delhi 2010, the top medal winners were inshooting, table tennis (singles), archery and badminton (singles). Even our cricket ‘team’has seen how a few good batting knocks or a five-wicket bowling haul can see it home!

BY SUNIT MEHRA AND RAHUL BHAT

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Given this scenario, Hunt Partners aversthat the shortage of talent seen in thepast five years will turn its tide.Thesubmission rides on the belief that in thenext few years several GPs may fold uptheir investment ventures for thereasons stated above.While this may bea difficult phase for the industry, theensuing period will see a brighter future.Stronger, mature firms with high qualityteams and track records will define amore robust industry moving forward.

● Several senior leaders exitedduring the period to start ownventures, namely Manish Kejriwalfrom Temasek and Sunish Sharmafrom General Atlantic Partners(who have joined hands), GeorgeThomas from India Value Fundand Sumit Chandwani from ICICI Ventures

● Rohit Sipahimalani moved toIndia to fill the void created inTemasek. Anant Kulkarni (JMFinancial) and Srinivas Baratam(Lazard) moved to MilestoneReligare as Joint ManagingDirectors after Rajesh Singhal andAmit Vikram Sharma moved out,thus reaffirming our ‘round robin’theory! (Vol 2, May 2011)

● Interestingly, the industry also saw talent move out altogether.Shashank Sinha – Director, NavisCapital moved to Godrej ConsumerProducts as President, InternationalBusiness. Manoj Gupta fromNexus Venture Partners, SaifDhorajiwala from Avigo Capitaland Sumant Kasliwal from ICICIVentures have all turnedentrepreneurs.

Others● Anshuman Goenka – Director,

Baer Capital joined StandardChartered PE as Director

● Abhik Mitra, formerly ManagingDirector, TNT joined India EquityPartners as Operating Partner

● GE Capital PE has hired AnandTrivedi from Shinsei PE asManaging Director

● Girish Nadkarni – Chief FinancialOfficer, Rallis India, joins IDFC PE as Partner

● Manish Makharia – ExecutiveDirector, Kotak Investment Banking moved to TVS Capital asExecutive Director

● Vivek Mehra – Managing Director,Yes Bank joined Aloe PE asManaging Director

Condolence messageHunt Partners deeply regrets the sad demise of Ved Prakash Arya.His absence is a great loss to the PE industry.

PRIVATE WEALTH MANAGEMENT

The private banking and wealthmanagement sector is undergoing a seachange following the recent financialcrisis.The sector is witnessing growingrisk awareness among clients, decliningfee-income, attrition/consolidationwithin the industry, shortage of qualitytalent and structural challenges in termsof remuneration. On the other hand, thisperiod has also seen the emergence ofnewer avenues for business, due to anincreased number of family offices andthe higher banking cross-sell.

Restructured revenuesDriven by the regulatory push to reduce,or even eliminate, the commissionspayable to distributors, manufacturersand distributors alike have had torework their business models. PrivateWealth Managers (PWMs), who formerlyreceived both an Assets-Under-Management (AUM)-derived fee and themanufacturer’s commission, were the

hardest hit, with a three-fold impact ontheir revenue stream.1. A major reason why revenues have

declined is the current state of thecapital markets, which has reducedinvestor appetite for equity andequity-linked instruments

2. Revenues have also declinedbecause regulators have eithereliminated or drastically reduced up-front/trial commissions

3. With investors far more focused oncost-lines than before, PWM fees areunder the scanner.This alsocontributes to sparser revenues

Call for consolidationIn this challenging environment, webelieve that consolidation will occuralong two axes—the first being thenumber of PWM entities and the second,the number of Relationship Managers(RMs) in the industry. PWMs from equitybroking houses will face pressure to

With dust finally settling after the recent globaleconomic slowdown, the private wealth managementsector is undergoing a paradigm shift of sorts, with old,redundant models and practices being discarded infavour of newer, more dynamic and versatile alternatives.

Changes on thehorizon forPrivate WealthManagers

The Asian continent—and India, in particular—holds tremendous opportunity forwealth management activities. According to the World Wealth Report 2011, thepopulation of High Net Worth Individuals (HNWIs) in Asia-Pacific, which currently

stands at 3.3 million individuals, is one of the highest in the world, second to only NorthAmerica. The combined wealth of Asia-Pacific HNWIs had already topped that of theirEuropean counterparts in 2009, and that gap widened in 2010.

BY ARJUN ERRY

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ensure that their team strength ismeaningful, given the dichotomybetween the broking business (where a daily P&L can be run) and the longgestation of private banking.Consolidation will also take place withinthe RM community.

During the growth years of this sector,client managers from other industrieswere pulled into private banking to tap their larger client base, and notnecessarily for their understanding ofmoney markets.We expect such RMs tocome under the productivity lens, whichwill eventually compel them to exit thePWM sector.

Tapping talentWe believe that the talent landscape inprivate banking will undergo asignificant change over the next fewyears. Most significantly, the growth ofthe industry will be augmented, thusimpacting PWMs’profitability and break-even timelines.This will mean that only committed players with a long-term view of the business will beable to enter the arena and build asustainable business.With the highdemand and limited supply of RMs,larger players will work towardsattracting ‘career-converters’atintermediate levels, and developingthem into full-fledged RMs.

An eye for compensationFrom a compensation standpoint, wesee some rebalancing taking place.Based on the fact that a productive AUMnow produces ~60bps of fee income,the revenue expectations of RMs have

been revised. It is no longer profitable for the PWM if the fee income generatedby the RM is three times his/her totalcompensation.We believe this multiplewill have to increase to five times thetotal compensation.This growth in therevenue multiple will imply that onlyRMs committed to private banking,with strong client relationships, willremain in the industry.

● Asha Mathen has joined Barclaysas Wealth Director – Private ClientGroup. She was formerly part ofDeutsche Bank’s Private WealthManagement Division

● Puneet Matta has resigned from his position of Head of Wealth Management – India at Credit Suisse

● Puneet Periwal has moved fromAnand Rathi, Director – PortfolioManagement & Investments to RBSas Market Head – West (PrivateBanking Business)

● Farooq Choudhury from MerrillLynch – Dubai has joined DeutscheBank PWM as Director – Head ofNRI (Middle East)

● Rajesh Mahadevan has beenappointed as Director – Head ofInvestment Advisory (Global SouthAsia – Middle East) at DeutscheBank PWM. He formerly workedwith Merrill Lynch – Dubai

● Deutsche Bank PWM has hiredShampi Chopra and OmarFarooq as Senior RelationshipManager for the Global South Asia – Middle East and GlobalSouth Asia – Pakistan regionsrespectively

● Mohit Gupta, formerly Senior Vice President with ING FinancialPlanning, has joined Clariden Leu; he will retain the same designation.

REAL ESTATE

While global real estate investment hasdropped from $1.3 trillion per annum in2007 by close to 50 percent in 2011,capital deployed in Asia has increasedfrom 20 to 50 percent. Improvedregulation, resulting in transparentreporting, should result in higher FDIover the next four to five years.

Today, India is the second fastest-growing economy on the global fore; akey contributor to this growth is theconstruction industry, which has beenreporting 20 percent CAGR over the past five years and contributesapproximately 8 percent to the country’sGross Domestic Product (GDP). As perthe outline of the Eleventh Five YearPlan, the industry is estimated to grow at 8 percent per annum, with 2.5 millionnew job opportunities added annually.The desired roles will span the entire

spectrum of skills and functions in theindustry, and professionals can lookforward to a steep learning curve andfast-tracked career paths.

Hiring trends – large developersReal estate relates to the developmentof land, while construction is the process of creating or building thesestructures. However, being closelyinterlinked, the two sectors are oftentreated as one. Over the past decade,large-scale construction companies have evolved to become ‘one-stopshops’–case in point being constructionexperts such as HCC and ShapoorjiPallonji, which have separate, profitablereal estate businesses. Companies nowrequire a wide-ranging team ofprofessionals, including financialanalysts, legal experts, project managers, construction managers,

While the domestic real estate market is showing thefirst signs of an impending slowdown, the concurrentconstruction sector has never looked more promising.With organisations merging the two functions to explorea more comprehensive business offering, human capitalin this sector is in strong and prolific demand.

‘Real’isingthe future ofreal estate

The Indian real estate market could be headed towards a slowdown. Investors arebecoming increasingly cautious, resulting in fewer investment deals in the realtysegment. A reputed private equity player will find capital for a well-defined project,

but with a longer lead time. A recent report by FICCI indicates there has been a significantdrop in Foreign Direct Investment (FDI) in the sector; from 11 percent of total FDI inflow in2009–10 to 6 percent in 2010–11. Industry experts believe this is a short-termphenomenon and that real estate demand in India across major cities is expected to growbetween 10–15 percent compounded annual growth within five years, or until 2015.

BY SUNISHI GABHAWALA AND RAHUL ROY

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the hunt reportPEOPLE MOVEMENT

design engineers and architects,among others.

The modern trend of integratingpreviously distinct specialties in the realestate sector has resulted in a paradigmshift in hiring.While large companiessuch as DLF, DB Realty and SobhaDevelopers have individual businessheads that focus on the nature of thedevelopment (retail, commercial,hospitality), Lodha has specialistsfocusing on market segments (Channelsales, NRI sales, HNI sales). Largedevelopers also have functionalspecialisations, such as Head MEP,Head Project Delivery and HeadStrategic Alliances. Another factorimpacting the hiring trend is pricestability and the growth prospects ofreal estate in smaller cities.With 354million sq. ft of development plannedacross cities such as Bhopal,Bhubaneswar, Coimbatore, Indore, Jaipur,Lucknow, Nagpur, Surat,Vadodara andVisakhapatnam, sales of residentialproperties alone is expected to touch`180 billion in 2012.

While functions such as Finance andStrategy will remain centralised, thehighly regionalised nature of real estatewill prompt majors in this sector toincreasingly turn to local experts with

project management and design skills todeliver the projects planned in tier II andIII cities.The most significant impact ofthis shift in the industry will be scientificconstruction planning, sophisticatedproject monitoring and marketingprocesses, which local developers in tierIII towns have hitherto not experienced.

Small, but significantWith more than 5,000 real estatedevelopers in the country, the demandfor talent generated by this sector inIndia far outstrips the supply.Interestingly, a sizeable number of seniorexecutives is choosing to move tosmaller developers (less than 5 millionsq. ft) or standalone (building projects)that either have rapid expansion plans,or are reinventing themselves to adaptto a more competitive landscape.Takethe example of Shreekant Shastry whojoined Bengaluru-based Ozone Group asVice President – Strategy from MantriDevelopers. A recently-launcheddeveloper, Pashmina has hired twosenior projects professionals—one eachfrom DLF and Mahindra Lifespaces.

The greatest pull factor that attractsmanagers from large companies toexplore roles with lesser-knowndevelopers is the potential to definestrategy and create impactful decisions.

● Gaurav Kumar and Nikhil Bhatia from Credit Suisse Real Estate Private Equity Fund joined as Co-heads of the Capital Markets division of CBRE

● Lancelot Cutinha joined as Head of Human Resources atMahindra Lifespaces. He was earlier with Reliance BroadcastNetworks as Head – HumanResources

● Keshav Pandey joined PeninsulaLand as Head Sales & Marketingfrom the position of Director –Sales & Marketing at SobhaDevelopers

● Chandrakant Deshpande joinedKalpataru Real Estate as Head –Legal. He was earlier Vice President– Legal at Ecohomes Construction

TELECOM

This large and prolific industry continuesto touch the lives of millions of Indians,cutting across a diverse economic andsocial milieu. In the next three to fouryears, the rural market is expected tospearhead the growth of this sector.Thefact that mobile penetration in urbanIndia has already approximated 100percent, the corresponding 23 percent figure in the rural marketpresents a strong upside to serviceproviders.This will also act as the pivotfor digital empowerment of the Indianmasses, helping the government toeffectively deliver inclusive growth. Asignificant amount of direct and indirectemployment generation is expected inthe semi-urban and rural areas, in bothtechnical and non-technical fields.

Business and moreIn addition to core infrastructure, thebest service that the telecom sector iscontributing towards nation building isincreasing the banking footprint and

coverage. Given that 85 percent ofmobile users do not own credit cards,this technology is soon going to evolveinto a ‘handheld’bank of sorts, enablingusers to pay bills, check balances, transferfunds and so on. In the face of this steepgrowth curve, the demand forprofessionals that bring innovation toservice delivery models on a mega scaleis going to intensify.

This year began with the much-awaitedMobile Number Portability (MNP) finallybecoming operational and set for anationwide roll-out.This developmentwas well-received by the more than 700million mobile users in India, who standto gain better customer care andnetwork coverage. Besides, theassociated churn will lead to increasedcustomer acquisition/abandonmentactivity, further taking the AverageRevenue Per User (ARPU) southwards.As is already being witnessed in theIndian market, this will compel a

At a time when the industry is known more forcontroversies and scandals than its key developments,Indian telecom has charted impressive growth onseveral fronts. This year, in addition to technologicalinnovations, the industry has witnessed severalinteresting and encouraging developments.

A tumultuousgrowth wave

These days, the Indian telecom industry has been in the news for all the wrongreasons. The latest buzz about a few top executives jumping ship has only served tomake a bad matter worse. And yet, among all the negativity and controversy, there

have been a few encouraging developments taking shape in this sector, on the regulatory,technological and people fronts.

BY SUNIL PANDITA

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stronger shift to non-voice, non SMS-based value-added serviceofferings for urban consumers.The strong upsurge in video downloadson mobile devices is just one indicator ofthe popularity of this trend.We arealready seeing headcount ramp up inthe creative, content creation anddelivery domains in the telecom andVAS companies.

The 3G waveThe other major development of theyear was the roll-out of 3G services,which has caught the attention of all the major players in this sector.Collectively, the key Indian telecomplayers have invested $15 billion toacquire 3G spectrum at the auction held in April, last year, and even went on to dole out an additional $2.5 billionto build the new network.The entry of 3G into the country’s telecomscenario is expected to drive the next phase of growth for the Indianmarket by converging voice,entertainment and information via a single device.To leverage theresultant revenue upside, players willactively scout for talent from outside the core ecosystem.

The increased demand for video andrich content will not only help toincrease ARPUs by driving up bandwidth consumption, but will also serve as a powerful booster for Value-Added Service (VAS) players,whose current share of the wirelessbusiness stands at 9–10 percent. In the near future, this sector will witness more innovation around

delivery models, monetisation andstrategic tie-ups.

As the industry continues to grow andevolve, the talent profile will seeincreased demand from the internet,infotainment, media and entertainmentsectors, in addition to the traditional,distribution-intensive industries.Some churn is expected, especially atthe senior level on account of longtenure and fatigue with the currentincumbents who have alreadywitnessed a tremendous growth run forclose to a decade now.The growth ratesare being recalibrated, and combinedwith changing regulations, is bringingabout the creation of a hyper-competitive market. Although somecontinue to be under intense scrutinyfrom various government regulatorybodies, most players who havesucceeded in preserving their brand willfind the situation ideal to poach top-notch talent from their competitors.

Some of the top players moved theirleadership talent internally, case in pointbeing Fredrik Jejdling who took up therole of Regional Head India & PresidentEricsson India, and Sarvjit Singh Dhillon,who was elevated to the position ofGroup CFO at Bharti Enterprises.

● Sandeep Ganguly rejoinedOnMobile—India’s leading VASCompany—as Vice President, aftera brief stint at Mobile Traffik

● Shankar Bali, Chief ExecutiveOfficer, Hutch joined MTS as ChiefOperating Officer

● Vaibhav Shastri was hired byVideocon Mobiles as ChiefOperating Officer

● Spice Telecom hired a new ChiefOperating Officer in Navin Kaul,who was formerly employed withViom Telecom Towers

WHOLESALE BANKING

Transformational timesLarge organisations with internationaloperations are looking, with renewedfocus, at treasury operations to makebetter use of working capital.Today, themost effective approach is to centralisecapital and get control of this liquidity, sothat it can be used to cut debt orredeployed. In addition, having cash inone place facilitates monitoring all typesof risk—including FX, interest rates,counterparty, liquidity, settlement andsystemic risks—leading to an increasingrequirement for talent to manage thesecomplex multi-jurisdictional networks.

Some banks are also looking atcombining transaction banking, markets,structured derivatives and DCMcoverage, to offer their customers acomprehensive offering.The new,integrated approach can enable thebanks’coverage teams, which hadfocused either on corporate finance ortransaction banking products, to gain fargreater exposure to the marketsbusiness and vice versa. However, it may

not be always easy to break down thewalls of the tradition-bound legacy silos.While domestic players leverage theircorporate banking capabilities andrelationships to make inroads ininvestment banking, foreign players canuse their superior investment-bankingcapabilities and relationships to makegreater headway in corporate banking.

Corporate banking, including lendingand fee businesses, accounts for themajor share of the business.The sector is still continuing to grow, albeit at aslower pace.

The various industry segments will be impacted by several ongoing trends, such as:● Continued investment in the

infrastructure sector, creating demandfor additional banking products and services

● Indian companies are increasinglylooking at enhancing their globalfootprint, with a growing need foracquisition expertise, trade-finance

In a market weighed down by inflation, declining output,increasing cost of credit, uncertainty about the futuredirection of rates, and an increasing gap between thedomestic and global interest rates, institutions findthemselves up against hitherto unforeseen challenges.

Waiting toexhale

The economic crisis in Europe and the US has opened new doors for the Indian market, which stands to gain from newer formats such as structured finance and new trade relationships.

BY SURESH RAINA

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and treasury services, and cash-management skills

● Europe and the US are still mired indeep economic crisis.There is agrowing interest in these economiesin the India story, inspiring a host ofinbound Merger and Acquisition(M&A) deals, and increased fundallocation by global managers

Changes aheadBanks continue to focus on mid-marketcompanies with new bankingrequirements. As their ambitions grow,these businesses are demanding moresophisticated instruments.With intensecompetition and, therefore, lowermargins from servicing large corporatecustomers, the midmarket will remain acritical area for wholesale activity.Thetypical corporate banking return onequity for serving midsize corporationsin India, for example, is about one-and-a-half times that of the large-companysegment.We expect to continue seeing a healthy hiring appetite in this segment.

Firms, including several MNC banks,domestic financial services companiesand several offshore investors, havefound that it makes more sense to setup NBFCs to fund various sectors ofinterest, including real estate.With thegovernment shutting the availableinvestment windows, it makes moresense to set up NBFCs for investment inlocal products.This also translates intobetter control over the asset for theinvestor, and generates newopportunities for talent in this sector.TheNBFC-led structured finance market—which has been largely driven by

multinational banks—is expected toheat up, with private equity firms turningaggressive.With structured financetaking roots in India, there is an increasein demand for professionals, who canoriginate and execute mezzanine andstructured finance transactions.

● Sunil Sachdev moved fromAmerican Express to Fiserv asCountry Manager

● Vimal Bhandari from AegonReligare is now Chief ExecutiveOfficer of IndoStar

● Ajay Mundra moved fromDeutsche Bank to JP Morgan asVice President

● Indranil Pandit from StandardChartered has been appointed asDirector – Corporate Banking, atDBS Bank

● Manish Shroff moved fromCitiBank to ANZ Bank as Director –Corporate Banking

● Surya De from HSBC has moved toCommonwealth Bank of Australiaas Director – Commercial Banking

● Vijay Bhatter moved from HSBCto Commonwealth Bank ofAustralia as Assistant Vice President- Commercial Banking

● PD Singh moved from HSBC to JPMorgan as Executive Director

● Pramod Sadarjoshi has movedfrom IDBI Bank to JP Morgan.He will hold the post of ExecutiveDirector – Human Resources

● Cooptions Technologies hasappointed Kiran Kosaraju asChief Executive Officer. He wasformerly employed with Fullerton Financials

● Mandeep Maitra moved from HDFC Bank to Hot SpotsMovement as Consultant

● Pallab Mukherji from HDFC Bankwas hired by India Infoline asGroup Head – HR

● Ved Prakash Chaturvedi movedfrom Tata AMC to L&T Finance asHead – AMC, ECM

● Rahul Sharma moved from IndiaInfoline Ltd to DHFL FinancialServices Group as Group Head –Human Resources and Training

● Anjali Mohanty moved from Citito DB as Head – GTB India

India focusSeveral global players flagged off their India operations in the last six months.Industrial and Commercial Bank of China(ICBC)—the world’s biggest lender bymarket value—has already commencedoperations, potentially opening up themarket for firms from China.This, in turn,could boost investment in theinfrastructure sectors and foster the growthof a Rupee-Yuan market. ANZ Bank startedits commercial operations to leverage theIndia-Australia trade corridor, as did RaboBank with a focus on Food & Agri sectors,after getting their respective licences.

ABOUT HUNT PARTNERS

Hunt Partners is a leading boutique Asianexecutive-search firm.The firm was founded in2004 in Hong Kong and Mumbai, and it has sincegrown to establish four direct offices across theregion. Prior to coming together to start the firm,the founders had successful careers as corporategeneral managers, executive search consultantsand entrepreneurs.The firm has witnessed rapidgrowth of people, offices, industry practices andrevenue, and is now repeatedly recognisedwithin the top 10 retained search firms.

Hunt Partners is a uniquely structured firm, beingthe only reputed executive-level search firmoperating through an integrated structure ofdirectly-owned and managed offices. As a truepartnership, all the firm's Partners haveownership and are committed to fostering anenvironment that produces results and thereforea solid reputation.

Hunt Partners operates from principal offices inBeijing, Hong Kong, Mumbai and Shanghai.Thefirm also has an exclusive relationship with PaulLawrence Associates, a Cleveland, OHheadquartered executive search firm. Futureplans include continued expansion via newoffices in South East Asia and West Asia, and acontinuously expanding partnership.

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