Shares of HDFC Asset Management Company tumbled nearly 3 per cent today after its star fund manager Prashant Jain stepped down from the post of chief investment officer. HDFC Asset Management Company stock fell up to 2.76 per cent to Rs 1,872.05 against the previous close of Rs 1,925.10 on BSE. The stock pared some losses and traded 0.84 per cent lower at Rs 1,908 at 2:25 pm.
In a regulatory filing, HDFC AMC said, “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 board, on the recommendation of nomination and remuneration committee, at its meeting held on July 22, 2022, has approved the appointment of Chirag Setalvad as head-equities and Shobhit Mehrotra as head-fixed income.”
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Jain was managing assets under management (AUM) of over Rs 4 lakh crore as of June 30.
Both, Setalvad and Mehrotra will be reporting to Navneet Munot, managing director and chief executive officer of the company. The mutual fund house appointed Munot in 2020. He was earlier headed the investment team of SBI Mutual Fund.
Setalvad has been part of the investment team since the inception of the company and after a brief stint of 2.5 years outside starting October 2004 joined the company once again in March 2007 and has been with the company since then.
“He has been managing some of our equity schemes for a long time. Mehrotra has been with the company for over 18 years and is presently managing few fixed income schemes. 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 said in a release.
