Union Asset Management Company has appointed Rajkamal Tiwari as its interim Chief Executive Officer, effective August 11, 2026, according to latest reports from PTI. Tiwari has been serving as the Chief Operating Officer and Chief Financial Officer of Union AMC, bringing over 26 years of experience in the financial services and capital markets industry. His appointment comes as the fund house enters its next phase of growth, with the company citing his deep institutional knowledge and leadership experience as key factors for ensuring continuity. Tiwari will be succeeding Madhukumar Nair in the interim CEO role, following Nair's recent resignation to join Baroda BNP Paribas MF.
According to Moneycontrol, Tiwari has held leadership roles across finance, operations and asset management throughout his career. His extensive experience in the company's strategy, governance and operational functions positions him well for the interim CEO role. Tiwari has already played a big part in shaping how the company runs day-to-day operations, bringing his expertise from previous stints at Principal PNB AMC, Price Waterhouse, and Deloitte Haskins & Sells. The fund house emphasized that his appointment will ensure continuity as the organisation moves forward in its growth trajectory. Speaking about his appointment, Tiwari expressed gratitude to the board and stated that Union Mutual Fund has built a strong foundation over the years, adding that he looks forward to working closely with teams, partners and stakeholders to build on this momentum.
The mutual fund industry witnessed a weak start to FY27, with new investor additions falling to a five-year low in the April–June quarter. According to industry data, mutual funds added 5.33 lakh new investors during Q1 FY27, down 47.7% from 10.20 lakh additions recorded in the corresponding quarter of FY26. This decline extends a pattern of sharp swings in investor additions seen over the past five financial years. After adding 16.34 lakh investors in Q1 FY23, new investor additions plunged to 6.64 lakh in FY24 (a decline of nearly 59%), before staging a strong recovery in FY25 with 22.79 lakh investors - the highest first-quarter addition during the period. The industry then fell back to 10.20 lakh in FY26 and 5.33 lakh in FY27.
Industry experts attribute the slowdown to multiple factors impacting investor sentiment. DP Singh, Deputy MD and Joint CEO of SBI Mutual Fund, cited market volatility, moderate equity returns and geopolitical uncertainties as key factors weighing on investor sentiment. However, he expects investor additions to improve as market conditions stabilise, noting that many investors are currently on the sidelines. Bhautik Ambani, CEO of AlphaGrep Mutual Fund, pointed to the moderation in new fund launches as another factor, stating that fewer NFOs, coupled with softer market sentiment, have weighed on new investor acquisition. Despite the decline, experts remain optimistic, with Swarup Mohanty, Vice Chairman & CEO of Mirae Asset Investment Managers, attributing the slowdown to unrealistic return expectations where investors enter after seeing strong one-year returns but become disappointed with moderate performance. All experts believe the slowdown is temporary and expect recovery as market sentiment improves and NFO activity picks up.
