ICICI Prudential Mutual Fund shuffles fund managers at 30 schemes

As per the notice-cum-addendum to the scheme information documents, Anuj Tagra and Chandni Gupta would no longer be fund managers in their respective schemes.

ICICI Prudential Asset Management Company Limited has announced a change in fund managers at 30 of its schemes, including ICICI Prudential Balanced Advantage, ICICI Prudential Liquid, and ICICI Prudential Multi-Asset Fund.

As per the notice-cum-addendum to the scheme information documents, Anuj Tagra and Chandni Gupta would no longer be fund managers in their respective schemes.

Tagra, age 40, has been associated with ICICI Prudential AMC since February 2013. As of December end, the assets under management (AUM) of Tagra were Rs 74,278 crore across various schemes.

Gupta, age 38, has been with ICICI Prudential AMC since October 2012. As of December end, the AUM of Gupta were Rs 25,290 crore.

As many as 11 schemes managed by Tagra have seen changes in fund managers, effective January 22, 2024. This includes the ICICI Pru Multi-Asset Fund, which will have Sankaran Naren, Ihab Dalwai, Manish Banthia, Akhil Kakkar, Gaurav Chikane, and Sri Sharma as the fund managers.

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The ICICI Pru All Seasons Bond Fund will be managed by Manish Banthia and Nikhil Kabra, and the ICICI Pru Gilt Fund will be managed by Manish Banthia and Raunak Surana.

Additionally, 12 schemes managed by Gupta have seen changes. Among these schemes, Rohan Maru and Rohit Lakhotia will now manage the ICICI Prudential Banking & PSU Debt Fund, while ICICI Prudential Bond Fund will be managed by Manish Banthia and Akhil Kakkar.

Other schemes that were not managed by either Anuj Tagra or Chandni Gupta have also seen rejigs in fund management.

For example, in ICICI Prudential AMC’s biggest fund, ICICI Prudential Balanced Advantage Fund, Akhil Kakkar has been brought in place of Ritesh Lunawat, who has been moved out of ICICI Prudential Regular Savings Fund, ICICI Prudential Medium Term Bond Fund, and ICICI Prudential Credit Risk Fund.

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As per the fund house, Lunawat, Fund Manager – Fixed Income, has been handling the additional responsibility of dealing with effect from January 18.

Among other major schemes, Banthia, who has been given responsibility of other funds, has been dropped from managing the ICICI Prudential Liquid Fund, which had an AUM of Rs 41,000 crore as of December end.

Fund managers overseeing different mutual fund schemes may be changed due to various reasons, such as resignations, retirements, or poor performance. In such situations, exercising caution and refraining from impulsive reactions is advisable.

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