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Prashant Jain Quits HDFC AMC After 19 Years – BQ Prime

Prashant Jain, chief investment officer at HDFC Asset Management Co., has quit India’s third-largest mutual fund after a 19-year stint.

Jain will be replaced by Chirag Setalvad and Shobhit Mehrotra, according to a company filing. Its board approved the appointment of Setalvad as head-equities, and Mehrotra as head-fixed income.

“Setalvad has been part of the investment team since inception of the company and after a brief stint of 2.5 years outside starting October 2004 joined us once again in March 2007 and has been with the company since then,” the company said. “He has been managing some of our equity schemes for a long time.”

Mehrotra has been with the company for over 18 years and manages a few fixed income schemes.

“Both Setalvad and 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 statement said.

Jain, who was also an executive director at the asset manager, joined in July 2004. Prior to that, he was with SBI Capital Markets Ltd. and Zurich Asset Management Co.

Jain’s stint coincided with HDFC Mutual Fund’s rise to become the nation’s No. 3 asset manager with investments worth Rs 4.15 lakh crore as of July. It ranks behind SBI Mutual Fund and ICICI Mutual Fund.

At HDFC AMC, Jain actively managed three funds as of July—The HDFC Balanced Advantage Fund, HDFC Flexi Cap and HDFC Top 100 Fund—with close to Rs 90,000 crore in total assets.

The largest of them, the Balanced Advantage Fund, has grown 6.2% year-to-date, compared to a 5.9% decline in S&P BSE Sensex. The Flexi Cap has returned 3.8% gains, while the Top 100 Fund has lost 0.2%, according to Bloomberg.