India's largest equity fund manager, Prashant Jain, has resigned from the post of chief investment officer (CIO) of HDFC AMC, the mutual fund company informed the stock exchanges in Friday.
Jain, who has served as the CIO of the mutual fund company for 19 stellar years, has decided to move on and has tendered his resignation to the company, HDFC AMC said in a regulatory filing.
At present, Jain manages Balanced Advantage, Flexi Cap and Top 100 funds at HDFC MF, apart from an India-dedicated scheme under exclusive mandate from a sovereign wealth fund.
Jain has an engineering degree from IIT Kanpur and MBA from IIM Bangalore and had started his career with SBI Caps.
Meanwhile, the combined AUM of the three funds is around Rs 89,500 crore, as per data from Value Research. HDFC Balanced Advantage Fund alone accounts for an AUM of a little over Rs 43,000 crore.
Moreover, the board of directors in a meeting held earlier today, also approved the appointment of Chirag Setalvad as Head - Equities and Shobhit Mehrotra as Head-Fixed Income. Both, Setalvad and Mehrotra will be reporting to Navneet Munot, Managing Director & CEO of the company, it added.
Setalvad has been part of the investment teams since inception of the company and after a brief stint of 2.5 years outside starting October 2004, joined the company once again in March 2007.He has been managing some of the equity schemes for a long time. ON the other hand, Mehrotra has been with the company for over 18 years and is presently managing few Fixed Income schemes.
The company also stated that both the top executives 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."
HDFC Mutual Fund, is the third largest asset manager with an assets base of Rs 4.15 lakh crore as of June-end, after SBI Mutual Fund and ICICI Mutual Fund.
As the news broke, HDFC AMC scrip was trading 1.30 per cent lower at Rs 1,900 apiece on BSE.
Meanwhile, HDFC AMC reported a 9 per cent year-on-year decline in its net profit at Rs 314.5 crore for the quarter ended 30 June, 2022. The mutual fund company had posted a profit for Rs 345.4 crore in the year-ago period.
Its revenue rose 2.9% to Rs 521.6 cr versus Rs 507 crore in the same quarter last fiscal.
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