Co-heads of business at $4.3 bn Centrum Wealth asked to leave the firm

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.