Kotak Mahindra (UK), the fund management subsidiary of India’s Kotak Mahindra Bank, has hired a fund manager to oversee its mid-cap equity funds.

Ankit Sancheti joins from Birla Sunlife Mutual Fund where he worked as a fund manager overseeing five funds.

He has eleven years experience including time at ING Investment Management and Development Credit Bank.  He will be based out of Singapore, and will be reporting to Nitin Jain, principal fund manager for Kotak’s Long Only Strategy.

Nitin Jain said:  “Ankit is one of the most talented India specialist fund managers around. He has consistently delivered excellent returns for investors making him a valuable addition to the Kotak team that focuses on the vibrant mid-cap space.”

The Indian stock market’s capitalization is heavily skewed towards large caps (those with a market cap of greater than $2.1 billion), yet mid-caps represent the bulk of listed stock in number.  Of the 3,000 listed companies tracked by Bloomberg in India, 114 companies fall under this large cap category representing 76% of the total market cap.

The Kotak Mahindra Group has a consolidated net worth of approximately $2.5 billion as on June 30, 2011 and was established in 1985.