According to an internal memo seen by this publication: “Manu Cheriyan has decided to step down as board member and CFO of the Amicorp Group and to leave Amicorp to pursue another career.”

Cheriyan joined the Brazilian-headquartered firm in 2006 as part of the management team of the Bangalore division. He was previously managing director of the firm's India business. 

He is succeeded by Kin Chi Lai, currently managing director of the Hong Kong office, as the new board member and CFO of the Amicorp Group.

The firm said in a statement: “Before Kin came to work with Amicorp, he had been a CFO for different companies and as such these responsibilities will not be new to him.”

Raising question marks over a potential initial public offering, Amicorp added: “Kin also has the experience and knowledge of guiding companies to a listing.”

A source close to the situation confirmed that the firm was planning to float, although Amicorp did not immediately return calls for comment. If the listing goes ahead, it would be the first offshore trust and corporate service provider stock exchange flotation.