India's Taurus mutual hires SBI Funds executive

MUMBAI, July 3 (Reuters) - India's Taurus Asset Management has hired Kumar Nathani as fund manager, fixed income, from SBI Funds Management and plans to hire three more staff in its debt team by August, a top official said on Thursday.

"He joined on the first of July," Chief Executive Waqar Naqvi told Reuters.

He said his firm planned to launch two fixed income funds in the next 12 months and expand the investment managament team on the debt side to four people in the next two months.

The fund house, one of the smallest by assets, also expects to hire two equity fund managers by September as it looks to expand and compete in the 33-member Indian mutual fund industry that managed about 5.9 trillion rupees at the end of May.

Naqvi, who joined the firm from Birla Sun Life Asset Management early this year, had told Reuters in an interview in May that Taurus will add at least 130 people to its existing staff of around 50 and double investment management team to 12. (Reporting by Nishant Kumar; editing by Prem Udayabhanu)