ICICI Prudential Mutual Fund’s CEO Nimesh Shah elected as AMFI Chairman

Nimesh Shah, Managing Director and Chief Executive Officer of ICICI Prudential Mutual Fund, has been elected as Chairman of trade body, Association of Mutual Funds in India, officials from AMFI told Moneycontrol.

Shah was elected as Chairman on October 12 and replaces A Balasubramanian, CEO of Aditya Birla Sun Life Mutual Fund, who took over as AMFI Chairman in October 2016.

Kailash Kulkarni, CEO, L&T Mutual Fund, will continue to remain Vice-Chairman of AMFI.

Shah joined the mutual fund industry in July 2007, when he took over as MD and CEO of ICICI Prudential MF. The fund house currently manages assets worth Rs 3.1 lakh crore as on September-end, according to the recent AMFI data.

Assets under management (AUM) of the MF industry, which comprise 41 active players, stood at Rs 22.06 lakh crore at the end of September as compared to a record Rs 25.20 lakh crore at August-end.

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Shah has been appointed as Chairman at a time when volatile equity markets and fears of liquidity at IL&FS are keeping investors jittery.

AMFI and the fund industry have applauded the matured behaviour of investors who have used the fall in the market as an opportunity to invest.

Despite the steep fall in equity markets, equity and equity-linked saving scheme (ELSS) saw an infusion of Rs 11,250 crore. Besides, balanced funds witnessed an inflow of Rs 731 crore.

The Sensex has lost more than 2,400 points, or 6.2 percent in September — the worst monthly fall since 2008. The Sensex had fallen by about 10 percent in September 2008.

However, a massive outflow from liquid funds left the industry short of Rs 2.3 lakh crore in September.

As Chairman of AMFI, Shah’s challenge will be to focus on investor-centric initiatives through which industry will be able to attract inflows and grow its AUM.