HDFC Asset Management Company has appointed Navneet Munot as its Managing Director & CEO. Manot will succeed the present Managing Director Milind Barve. Currently, Manot is the Chief Investment Officer (CIO) at the SBI Mutual Fund, where he has worked for 12 years.
"The Board of Directors is pleased to inform that at its meeting held on November 16, 2020 has approved that Mr. Navneet Munot will be appointed as Managing Director & CEO of the Company and he will succeed the present Managing Director, Mr. Milind Barve," the company said in a stock exchange filing.
On June 12, Barve was re-appointed as the MD of the company for a further time effective from November 1, 2020 to January 31, 2021.
However, Barve had decided not to seek an extension of his current term as the managing director which expired on October 31, 2020.
In a separate statement, SBI Funds Management said Munot has decided to leave the organisation to pursue other opportunities.
In October, HDFC AMC announced a 8 per cent decline in profit after tax (PAT) at Rs 338.06 crore for Q2 FY21 against PAT of Rs 368.24 crore in the year-ago period.