HDFC AMC’s CIO Prashant Jain resigns

HDFC Asset Management Company (AMC) Ltd informed that its Chief Investment Officer (CIO) Prashant Jain has decided to move on and has tendered his resignation to the company after 19 years. It was earlier reported that Prashant Jain had become India’s first fund manager to oversee Rs 1 lakh crore worth equity assets.

Prashant Jain has been managing HDFC Balanced Advantage Fund and Flexi Cap Fund which have generated returns of 17.8% and 18.2% since launch. He has also worked with Zurich AMC and SBI Mutual Fund before joining HDFC AMC.

Additionally, the Board has approved the appointment of Chirag Setalvad as Head - Equities and Shobhit Mehrotra as Head-Fixed income. Both Setalvad and Mehrotra will be reporting to Navneet Munot, Managing Director & Chief Executive Officer (CEO) of the asset management company (AMC).

Setalvad has been part of the fund house’s investment team since inception of the company and after a brief period of 2.5 years outside, joined the fund house once again in 2007. He has been managing some of HDFC AMC’s equity schemes for a long time. Meanwhile, Mehrotra has been with the company for over 18 years and is presently managing a few Fixed Income schemes.

The company said, “Both Mr. Setalvad and Mr. Mehrotra are capable Investment professionals, ready to take up the mantle of heading the Equities and Fixed Income function and are well supported by highly experienced and committed team of Investment professionals.”