ICICI Prudential AMC’s Managing Director and CEO, Nimesh Shah, has denied speculation surrounding the retirement or exit of Chief Investment Officer Sankaran Naren, saying the fund house is fully prepared for leadership and fund manager transitions, if any needed. Shah made these comments during a media roundtable on the sidelines of the ICICI Pru AMC IPO launch. The offer opens on December 12 and closes on December 16 with a price band of around Rs 2,061–2,165 per share, valuing the company at around Rs 10,600 crore at the top end.
Addressing a query, Shah said that rumours about CIO, S Naren stepping down have been circulating for nearly five years without any factual basis. “Naren is doing well for the company. I don’t know where these rumours are coming from. I also hear the rumours, but Naren is very much in the company, just as Navin (Agrawal, CFO) is, or as I am,” he said. Veteran Fund Manager S Naren joined ICICI Prudential AMC in October 2004 and was reappointed as Executive Director and CIO for another two-year term in July 2024. His extension will be up for renewal in July 2026.
Shah, who has worked closely with Naren for 18 years, acknowledged Naren’s credibility and influence at the fund house, but stressed that ICICI Prudential AMC’s strength lies in its institutional depth rather than just star personalities.
Shah added that a major asset for the AMC is its size and capability of the AMC’s investment team. ICICI Prudential AMC currently has a 46-member equity team, including 26 research analysts and 15 fund managers. Every fund, he noted, has joint fund managers to ensure continuity and stability even if a senior manager leaves or retires. The fund house relies on a progression system where young professionals (typically 23- or 24-year-old chartered accountants or MBAs) join as analysts, spend ten to twelve years strengthening their research foundation, and then move into junior fund management roles. Over time, some rise to full-fledged fund managers
According to Shah, this internal process ensures that whenever any senior figure retires or moves on, a capable successor is already in place. He added that ICICI Prudential AMC has repeatedly proven its ability to attract and retain talent, pointing out that even when high-profile names have previously moved on, the organisation continued to thrive and new leadership emerged seamlessly. The brand, he said, has the strength and reputation to draw the best talent in the country whenever required.
Shah also highlighted that the AMC continuously tracks how competing funds are run across categories. As part of its review process, the investment team compares the management styles of competing value and large-cap funds to ensure that ICICI Prudential schemes remain competitive and aligned with market best practices.
According to the RHP, the Company’s attrition levels have remained dynamic across reporting periods. For the six months ended September 30, 2025 and 2024, attrition among full-time employees stood at 476 and 474 respectively, translating into annualised attrition rates of 26.2% and 25.5%. For Financial Years 2025, 2024 and 2023, full-time employee attrition was 945, 1,027 and 907, with corresponding attrition rates of 26.0%, 31.1% and 33.0%. The RHP notes that attrition exceeded 25% in the last three financial years primarily due to voluntary resignations driven by personal considerations. The Company employed 3,541 full-time employees as of September 30, 2025.
Attrition among Key Managerial Personnel and Senior Management remained negligible, with no departures during the six months ended September 30, 2025, and only one departure recorded in the comparative period, reflecting an attrition rate of 8.7% for FY 2024 and FY 2025. The Company further discloses that its Chief Risk Officer - Sumit Gupta, resigned on November 10, 2025, and the process of identifying an appropriate replacement is underway. As of September 30, 2025, ICICI Prudential AMC had 3,541 full-time employees, including 2,911 in sales, 387 in enabling functions, 146 in operations and 97 in investments.
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