Veteran fund supervisor Prashant Jain quits HDFC AMC

HDFC Asset Management Company on Friday stated its chief funding officer Prashant Jain has stop the corporate after 19 years.

Consequently, the corporate’s board accepted the appointment of Chirag Setalvad as head equities and Shobhit Mehrotra as head-fixed revenue, HDFC AMC stated in a regulatory submitting.

“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,” HDFC AMC stated.

Both, Setalvad and Mehrotra will likely be reporting to Navneet Munot, Managing Director and CEO of the corporate.

At HDFC AMC, Jain actively managed schemes like HDFC Balanced Advantage Fund and Flexi Cap Fund that gave spectacular returns to traders.

“Prashant Jain, Chief Investment Officer of the company after 19 years, has decided to move on and has tendered his resignation to the company,” the fund home stated.

Setalvad has been a part of the funding group for the reason that inception of HDFC AMC and after a short stint of two.5 years outdoors beginning October 2004, joined the asset administration agency as soon as once more in March 2007 and has been with the corporate since then. He has been managing among the firm’s fairness schemes for a very long time.

Mehrotra has been with the corporate for over 18 years and is presently managing few mounted revenue schemes.

HDFC Mutual Fund, is the third largest asset supervisor with an belongings base of Rs 4.15 lakh crore as of June-end, after SBI Mutual Fund and ICICI Mutual Fund.