Calcutta, Aug. 8: Nimesh . Kampani, chairman and managing director of JM Morgan Stanley, says his 26-year old son Vishal, who has been working with him for the last seven years, may not succeed him as the head of one of India’s biggest investment banks.
“My son will inherit my wealth but not necessarily my chair. He may, but only if he proves himself as capable. The successor to my chair will be determined professionally,” Kampani said. There were quite a few directors in the company who could step into his shoes, he added.
JM Morgan Stanley is a joint venture between JM Financial Services, owned by Kampani, and Morgan Stanley, the New York-based investment bank. Kampani holds 51 per cent in the joint venture that was founded in April 1999.
Fifty-seven year old Kampani said his role in the company, at present, was similar to . R. Narayana Murthy’s in Infosys Technologies — that of a mentor who was driving the company from the backseat as it were.
His son, Vishal, who joined JM Morgan Stanley at the age of 19, is going to the London Business School to study for a master’s degree in finance.
The duration of the course is of one-and-a-half years. It is understood that a decision on succession will be taken on Vishal’s return. Kampani has a daughter who is 16 years old.
Kampani is also withdrawing from various boards of the Securities and Exchange Board of India (Sebi).
Besides investment banking, JM Morgan Stanley has interest in institutional and retail securities brokerage.