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 factors 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 property below 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 12 months in the past, from DSP MF.
HDFC Prime 100 might be dealt with by Rahul Baijal, who joined the fund home just lately from Sundaram Mutual Fund, the place he served for over six years. Roshi Jain, who joined the fund home late final 12 months from Franklin Templeton, has been assigned HDFC Flexi Cap.
Over the previous 12 months, HDFC AMC has strengthened its fund administration and analysis workforce below 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 section and Shobhit Mehrotra shall be the top of mounted revenue.
“We see seasoned fund managers at HDFC AMC taking cost of Jain’s portfolio; Rahul Baijal (from Sundaram AMC) may even be a part of. Sustaining a reference to distributors would be the key, and we really feel that Munot (CEO) additionally has a robust connection,” stated a be aware 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 any exodus of traders following Jain’s exit, who has an enviable monitor file and recognition.
“Whereas the transition will deliver challenges, we really feel that HDFC AMC’s sturdy workforce (& new hiring), in addition to bettering fund efficiency, can truly assist defend and even acquire market share,” acknowledged the be aware 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.