Last week, HDFC AMC said its chief investment officer Prashant Jain has 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.
The 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. While Anil Bamboli will handle HDFC Balanced Advantage Fund debt assets.
Consequently, the company's board approved the appointment of Chirag Setalvad as head-equities and Shobhit Mehrotra as head-fixed income, HDFC AMC said in a regulatory filing.
To discuss Prashant Jain’s style of investing and how to approach HDFC AMC funds now that there are new people at the helm, CNBC-TV18 spoke to Feroze Azeez, Deputy CEO at Anand Rathi Wealth.
Azeez believes there is no reason for HDFC mutual fund investors to be concerned due to exit of Prashant Jain.
“Because at the helm of affairs is Navneet Munot who has been a CIO himself. You have Chirag Setalvad who has spent couple of decades under the leadership of Prashant Jain. Also all the amazing leaders like Jain have the habit of opening all their cards and passing on their learnings to the subsequent person. So I personally think there is nothing to worry.”
He thinks HDFC AMC would continue to the follow the value investing principle despite Jain’s exit.
“If we look at data, I would say HDFC AMC would stick to Jain’s philosophy of value stocks. Out of the 8 large schemes of the AMC, 7 of them follow the value principle. So if value principle is prominent in 7 out of 8 schemes then it is no more a one person thing, it is a philosophy the organization follows.”
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