HDFC Asset Management Company (AMC) Ltd on Friday informed in an exchange filing that its Chief Investment Officer (CIO) Prashant Jain, after 19 years, has decided to move on and has tendered his resignation to the company.
Therefore, the Board, on the recommendation of Nomination & Remuneration Committee, at its meeting held on July 22, 2022, has approved the appointment of Chirag Setalvad as Head – Equities and Shobhit Mehrotra as Head-Fixed income.
Jain has been managing HDFC Balanced Advantage Fund and Flexi Cap Fund which have generated returns of 17.8% and 18.2% since launch, as per data by Value Research.
Reports earlier this week had suggested that veteran fund manager Prashant Jain had become India’s first fund manager to oversee ₹1 lakh crore worth equity assets. Jain, who also with Zurich AMC and SBI Mutual Fund (MF) before joining HDFC AMC, did B-Tech graduate from IIT Kanpur, PGDM from IIM, Bangalore (IIM-B) and is also a CFA.
Both, Setalvad and Mehrotra will be reporting to Navneet Munot, Managing Director & Chief Executive Officer (CEO) of the asset management company (AMC), the company added.
Setalvad has been part of the fund house’s investment team since inception of the company and after a brief stint of 2.5 years outside starting October 2004 joined the fund house once again in March 2007 and has been with the company since then. He has been managing some of HDFC AMC’s equity schemes for a long time.
Mehrotra has been with the company for over 18 years and is presently managing few Fixed Income schemes. “Both Mr. Setalvad and Mr. Mehrotra are capable Investment professionals, ready to take .up the mantle of heading the Equities and Fixed Income function and are well supported by highly experienced and committed team of Investment professionals,” the company said in the release.
Shares of HDFC AMC were trading nearly 2% lower at ₹1,893 apiece on the BSE in Friday’s afternoon deals as compared to 0.5% rise in benchmark Sensex. The stock is down more than 23% in 2022 (YTD) so far.
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