July 26, 2022
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HDFC AMC restructures its fund management
HDFC Asset Management Company has assigned the three schemes managed by Prashant Jain to new fund managers as the fund house seeks to maintain its recent performance improvement and market share gains even after the exit of its senior fund manager.
Jain, who was chief investment officer (CIO) at HDFC AMC who stepped down last week handled three flagship schemes of HDFC AMC with combined assets under management of nearly Rs 90,000 crore as of June 2022.The three schemes handled by Jain accounted for nearly 40 per cent of HDFC AMC.While the transition will bring challenges, the analysts feel that HDFC AMC’s strong team , as well as improving fund performance, can gain market share.
Over the past year, HDFC AMC has strengthened its fund management and research team under the new leadership of Navneet Munot, who took charge as MD & CEO in February 2021. Instead of appointing a new CIO, HDFC AMC has announced Chirag Setalvad shall lead its equities segment and Shobhit Mehrotra shall be the head of fixed income.
HDFC Balanced Advantage Fund will now be managed by Gopal Agrawal, Anil Bamboli, and Srinivas Ramamurthy. Agrawal joined HDFC AMC a year ago, from DSP MF.
HDFC Top 100 will be handled by Rahul Baijal, who joined the fund house recently from Sundaram Mutual Fund, where he served for over six years.
Roshi Jain, who joined the fund house late last year from Franklin Templeton, has been assigned HDFC Flexi Cap.
Maintaining a connection with distributors will be the key, and the management feels that Munot (CEO) also has a strong connection.
The fund house will be hoping that there is no exodus of investors following Jain’s exit, who has an enviable track record and popularity.
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