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Prashant Jain setting up investment management firm, may soon launch category III AIF: Report

Prashant Jain resigned as CIO of HDFC AMC in July after spending 19 years at the firm

September 22, 2022 / 09:52 AM IST

Veteran fund manager Prashant Jain is setting up his own investment management firm and plans to launch a category III alternative investment fund (AIF) soon, The Financial Express reported on September 22 citing people familiar with the matter. He has taken up office space at Worli and is in the process of putting together a team, it said.

Moneycontrol could not independently verify the report.

Also Read | The laurels, laments, and learnings of Prashant Jain's career

AIFs such as hedge funds or funds which trade with a view to make short-term returns or such other funds which are open ended and for which no specific incentives or concessions are given by the government of India or any other regulator are included in the Category III AIF classification.

Reportedly, Jain joins the likes of Sunil Singhania and Kenneth Andrade who had set up independent investment firms and enters the AIF space after exiting the mutual fund industry.

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Also Read | Beyond Prashant Jain: How HDFC AMC has built its succession plan

Jain has been one of the India’s longest-serving mutual-fund managers and the only one to have managed a mutual fund scheme since inception for 28 years. In July this year, he resigned as CIO of HDFC AMC after spending 19 years at the firm. 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.

With an engineering degree from IIT Kanpur and MBA from IIM Bangalore, 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.
Moneycontrol News
first published: Sep 22, 2022 09:52 am
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