HDFC AMC confirmed the news that its Chief Investment Officer (CIO) Prashant Jain has tendered his resignation after Moneycontrol first broke the story on July 22.
Jain will be replaced by Chirag Setalvad and Shobhit Mehrotra. Its board approved the appointment of Setalvad as head-equities, and Mehrotra as head-fixed income.
"Therefore, the Board, on the recommendation of Nomination & 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. Both, Setalvad and Mehrotra will be reporting to Navneet Munot, Managing Director & CEO of the company," it said in indices filing.
Also Read | End of an era: Prashant Jain, votary of 'value' investing, leaves HDFC MF
"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," the statement said.
As the CIO of the mutual fund, he was responsible for overseeing total assets under management of Rs 4.12 lakh crore as on June 30, 2022, and directly managing over Rs 1 lakh crore under four predominantly equity schemes.
Also Read | HDFC AMC shares decline 3% after CIO Prashant Jain steps down
Jain started his career with SBI Caps before moving to 20th Century Mutual Fund, which was sold to Zurich Mutual Fund in 1998. Zurich MF was later acquired by HDFC Mutual Fund in 2003.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
