By Ashley Coutinho
Prashant Jain, executive director and chief investment officer (CIO) at HDFC AMC, on Friday tendered his resignation after spending 19 years at the firm.
One of the world’s longest-serving fund managers, Jain was responsible for overseeing assets under management of over Rs 4 trillion as the CIO of the fund house and directly managed about Rs 1 trillion under four predominantly equity schemes.
Jain has been managing HDFC Flexi Cap fund since June 2003 and HDFC Top 100 since January 2002, according to data tracker Value Research. These schemes have returned 18.3% and 18.7%, respectively. He has also managed HDFC Balanced Advantage Fund (earlier HDFC Prudence Fund) since February 1994. It is one of the largest equity-oriented funds in India with assets of Rs 43,079 crore as of June 30 and has returned 17.8% since inception.
A B Tech from IIT Kanpur and management graduate from IIM Bangalore, Jain started his career at SBI Mutual Fund in 1993 before moving to Zurich Asset Management, which was acquired by HDFC Mutual Fund in June 2003.
The HDFC AMC board, on the recommendation of its Nomination & Remuneration Committee at its meeting held on July 22, has approved the appointment of Chirag Setalvad as head – equities, and Shobhit Mehrotra as head – fixed income. Both Setalvad and Mehrotra will report to Navneet Munot, managing director & CEO of the company, the AMC said in a note on the exchanges.
Setalvad has been part of the HDFC AMC investment team since inception, except for a brief two-and-a-half year stint outside between October 2004 and March 2007, while Mehrotra has been with the company for over 18 years.
“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 AMC note said.
HDFC AMC shares fell 1.5% to Rs 1,896 apiece on Friday. The stock has fallen 23% in the year to date.