Centrum co-heads Ganashyam S, Arpita Vinay asked to leave due to 'loss of confidence'

Centrum Wealth managed 350 billion rupees ($4.3 billion) of assets as of March 2022 (Representative image)

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The heads of business at Centrum Wealth Ltd. have been asked to leave the firm, just as the industry is set to balloon in one of the world’s fastest-growing markets.

The board of the Mumbai-based firm asked managing directors Ganashyam S. and Arpita Vinay to leave due to a “loss of confidence,” the group’s spokesman said in an emailed reply, without elaborating.

Vinay declined to comment when reached by phone. A request for comment sent to Ganashyam through LinkedIn wasn’t answered.

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