Navneet Munot quits, SBI MF says second-rung fit to run the show

NEW DELHI: Navneet Munot, Chief Investment Officer (CIO) of SBI Funds Management, has quit. He is moving to HDFC Mutual Fund as MD and CEO, succeeding current MD Milind Barve.

In a filing to stock exchanges, HDFC AMC said its board approved the appointment on November 16. Earlier, SBI Funds Management (SBIFMPL) had said that Munot has decided to leave the organisation to pursue other opportunities.

“Navneet has been part of this team of skilled and experienced senior fund managers and has overseen many of their achievements. We value his contribution to the organisation and wish him the best in all his future endeavours. We are a process-oriented organisation and have one of the most competent investment teams in the industry,’’ Vinay Tonse, MD & CEO, SBI Funds Management. said.

"Our robust fund management processes have been highly valued by our investors and distributors," Tonse said.
He said the fund management structure at SBIFMPL, the largest fund house in the country managing assets of over Rs 4,50,000 crore, will remain the same, as the company over time has built a very capable second line with strong vintage.