Prashant Jain's exit: Here's what investors should do post HDFC MF's rejig

He said investors should track the performance of these schemes for the next 2 years and then judge how the new team is performing.

Jain has managed HDFC Balanced since 1994.

Praising him, Nilesh Shah, MD of Kotak Mahindra AMC said Jain came out as a 'true gold' in his last phase where he bet on PSU stocks and PSU banks.

"Prashant Jain went through a small patch where his funds were not doing as well as they usually do, but his conviction paid off. At the beginning of his career, his conviction on TMT did create a small patch of underperformance but then he came out of that as a true gold. Unlike, Sir Donald Bradman who went on zero is his last innings, Prashant Jain in his last inning scored a century," Shah said while speaking to CNBC-TV18.

Last week, Jain quit the company after 19 years. At HDFC AMC, Jain actively managed schemes like HDFC Balanced Advantage Fund and Flexicap Fund.

HDFC Flexicap fund will now be handled by Roshi Jain. Roshi is a senior fund manager and joined the Asset Management Company (AMC) in December 2021.

HDFC Top 100 Fund will now be handled by Rahul Bijal who joined the AMC in July 2022 as a senior fund manager. Gopal Agrawal and Srinivas Ramamurthy have been roped in to manage HDFC Balanced Advantage Fund equity assets. On the other hand, Anil Bamboli will handle HDFC Balanced Advantage Fund debt assets.

The company's board has approved the appointment of Chirag Setalvad as head equities and Shobhit Mehrotra as head-fixed income.