On Friday, Executive director and Chief Investment Officer (CIO) at HDFC AMC, Prashant Jain presented his resignation after working for 19 years in the company. He is one of the world’s longest-serving fund managers. As the CIO of the company, he was responsible for supervising assets of around Rs 4 trillion under management and directly managed about Rs 1 trillion under 4 predominantly equity schemes.
According to data tracker Value Research, Prashant has been managing HDFC Flexi Cap Fund since June 2003 and HDFC Top 100 since January 2002. The returns of the above schemes are 18.3% and 18.7% respectively. Since February 1994, he has managed HDFC Balanced Advantage Fund, earlier known as HDFC Prudence Fund. This is one of the largest equity-oriented funds in India with assets of around Rs 43,079 crore as of June 30 and has returned 17.8% since formation.
He is a BTech graduate from IIT Kanpur and a management graduate from IIM Bangalore. He started his career with SBI mutual funds in 1993 after which he moved to Zurich Asset Management which was acquired by HDFC mutual fund in June 2003.
In a meeting held on July 22, the HDFC AMC board on the recommendation of its Nomination & Remuneration Committee approved the appointment of Chirag Setalvad as head of equities, and Shobhit Mehrotra as head of fixed income. Both newly appointed Chirag and Shobhit will report to the managing director & CEO of the company, Navneet Munot, said to the AMC.
Setalvad has been part of the HDFC AMC investment team since its foundation, except for a brief period between October 2004 and March 2007. On the other hand, Mehrotra has been working with the company for about 18 years.
The AMC note stated that both Setalvad and Mehrotra are professionally capable and ready to take up the responsibilities of heading equities and fixed income functions and are supported by a highly skilled and enthusiastic team of investment experts.
On Friday, HDFC AMC shares drop 1.5% to Rs 1,896 apiece. The stock has declined 23% in the year to date
