Veteran fund manager Prashant Jain is setting up his investment management firm and plans to launch a category III alternative investment fund (AIF) soon.
The fund manager, who had tendered his resignation as CIO of HDFC AMC after spending 19 years at the firm, has taken up office space at Worli and is in the process of putting together a team, said people in the know.
Jain joins the ranks of Sunil Singhania and Kenneth Andrade who had set up independent investment firms and entered the AIF space after exiting the mutual fund industry.
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.
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.