HDFC Asset Administration Firm (HDFC AMC) has assigned the three schemes managed by Prashant Jain to new fund managers because the fund home seeks to keep up its latest efficiency enchancment and market share positive aspects even after the exit of its storied fund supervisor.
Jain, who was chief funding officer (CIO) at HDFC AMC, stepped down on Friday after serving 19 years on the fund home. He dealt with three flagship schemes of HDFC AMC which had mixed belongings beneath administration of practically Rs 90,000 crore as of June 2022.
HDFC Balanced Benefit Fund will now be managed by Gopal Agrawal, Anil Bamboli, and Srinivas Ramamurthy. Agrawal joined HDFC AMC a yr in the past, from DSP MF.
HDFC High 100 might be dealt with by Rahul Baijal, who joined the fund home not too long ago from Sundaram Mutual Fund, the place he served for over six years. Roshi Jain, who joined the fund home late final yr from Franklin Templeton, has been assigned HDFC Flexi Cap.
Over the previous yr, HDFC AMC has strengthened its fund administration and analysis workforce beneath the brand new management of Navneet Munot, who took cost as MD & CEO in February 2021. As a substitute of appointing a brand new CIO, HDFC AMC has introduced Chirag Setalvad shall lead its equities phase and Shobhit Mehrotra shall be the top of fastened earnings.
“We see seasoned fund managers at HDFC AMC taking cost of Jain’s portfolio; Rahul Baijal (from Sundaram AMC) can even be a part of. Sustaining a reference to distributors would be the key, and we really feel that Munot (CEO) additionally has a powerful connection,” mentioned a word by Jefferies.
The three schemes dealt with by Jain accounted for practically 40 per cent of HDFC AMC. The fund home might be hoping that there isn’t a exodus of buyers following Jain’s exit, who has an enviable monitor report and recognition.
“Whereas the transition will convey challenges, we really feel that HDFC AMC’s sturdy workforce (& new hiring), in addition to bettering fund efficiency, can really assist defend and even acquire market share,” said the word by Jefferies, which has a goal worth of Rs 2,500 for the inventory. Shares of HDFC AMC on Monday closed at Rs 1,860 apiece, down 2 per cent.