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Last Updated : Apr 28, 2018 02:56 PM IST | Source:

This week in MFs: DSP BlackRock MF's Anup Maheshwari puts in his papers

If Maheshwari decides to move on, this would be the third senior level exit at DSP BlackRock AMC in under two years

Himadri Buch @himadribuch

The week gone by, remained abuzz with the news of Anup Maheshwari’s impending resignation from DSP BlackRock Mutual Fund — a Moneycontrol exclusive.

Sources told Moneycontrol that the senior management was trying to retain Maheshwari.

Maheshwari played an important role as he took over as CIO equities in 2017, after Naganath, then CIO and president of the fund house decided to leave the firm after 15 years.


The mutual fund industry was surprised with Naganath's exit with many thinking aloud if Naganath’s resignation will affect the performance of the schemes.

Maheshwari took over the baton and held it strong. Almost all his funds are today present in the top quartile in their respective categories despite Naganath quitting the fund house.

Naganath launched the DSP BlackRock Equity Fund, in 1997 (then called DSP Merrill Lynch Equity Fund). It currently has assets close to Rs 2,522 crore has given a return of nearly 16 percent since inception. Maheshwari has managed to maintain consistency of returns in the fund in the last one year.

DSP BlackRock Equity Fund has delivered over 14 percent returns in the last one year despite volatile equity markets.

As of March, 2018, DSP BlackRock  Mutual Fund's average assets under management stood at Rs 86,325 crore from Rs 64,200 crore a year ago.

If Maheshwari decides to move on, this would be the third senior level exit at DSP BlackRock AMC in under two years.

In 2017, S. Naganath, President and CIO, quit the fund house and joined Franklin Templeton Investments. The previous year, Dhawal Dalal, head-fixed income, quit and joined Edelweiss Mutual Fund.

An alumnus of IIM Lucknow, Maheshwari had joined DSP BlackRock Investment Managers Pvt. Ltd. (previously called DSP Merrill Lynch Fund Managers) in July 1997.

He was managing the domestic funds since May 2001 to June 30, 2012.

Maheshwari had also worked as a CIO at HSBC Asset Management between Dec 2005 and May 2006 before returning to DSP BlackRock Investment Managers.

Between 1997 and 2000, Maheshwari also managed an offshore fund, the Merrill Lynch India Fund which was registered in Mauritius and sold to Merrill Lynch's clientele outside India.

Prior to joining DSP BlackRock Investment Managers, he worked with Chescor, a British fund management firm that managed three offshore funds investing into Indian equities.

During this week, Association of Mutual Funds in India released assets under management data from small towns. The AMFI data revealed that the asset base from small towns rose 38 percent from a year ago to Rs 4.27 lakh crore in FY18.

Industry experts attributed this rise in assets base to investor awareness campaigns which led to strong participation from retail investors.

Mutual fund fund managers also said that the rise in asset base from smaller towns, called B15 locations could be because of the demonetisation effect and strong participation from retail investors.

Post demonetisation, most investors shifted from traditional asset classes such as real estate and gold to financial asset class.

B15 cities are those which are beyond the top 15 cities namely New Delhi (including NCR), Mumbai (including Thane and Navi Mumbai), Kolkata, Chennai, Bengaluru, Ahmedabad, Baroda, Chandigarh, Hyderabad, Jaipur, Kanpur, Lucknow, Panjim, Pune and Surat.

This week, we got an interview with UTI Mutual Fund's equity fund Manager Sanjay Dongre.

Dongre who manages UTI Infrastructure and UTI MEPUS Fund said FY19 is likely to witness higher volatility compared to last 3 years.

To read full interview, click  UTI MF's Dongre sees higher volatility in FY19, expects 18-20% corporate earnings growth
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First Published on Apr 28, 2018 02:56 pm
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