SBI Mutual Fund (MF) has appointed Vinay Tonse as managing director and chief executive officer, after Ashwani Bhatia moved to State Bank of India (SBI) to take over the reins of the state-owned lender.
Tonse was chief general manager of SBI's Chennai circle, heading business and operations in Tamil Nadu and Pondicherry.
“It is a huge responsibility to manage the growth dynamics of the number one fund house in the country. One which offers best-in-class investment solutions through a process driven approach which is high on transparency, convenience and value creation. With our vast distribution network, we will further strive to take the benefits of capital markets to investors across the country,” Tonse said.
SBI MF recently became India’s top fund house in the country in terms of asset size. Its average assets under management stood at Rs 3.74 trillion at the end of March quarter, edging past HDFC MF’s asset base of Rs 3.7 trillion. SBI MF had average assets under management of Rs 3.64 trillion for June quarter.
A process-driven fund management, flows from Employee Provident Fund Organisation, and wide distribution network through the SBI’s own bank branches have helped the fund house take the top spot, according to experts.