Prashant Jain quits HDFC AMC; Chirag Setalvad to head equities, Shobhit Mehrotra fixed income

NEW DELHI: on Friday said Prashant Jain, has tendered his resignation, after staying as CIO with the asset management company for 19 years.
The board at the fund house has approved the appointment of Chirag Setalvad as Head for Equities and Shobhit Mehrotra as Head-Fixed income. Both, Setalvad and Mehrotra will be reporting to Managing Director & CEO Navneet Munot, the AMC said in a BSE filing.

ET NOW had earlier repotrted that Jain had initiated talks with the management over his resignation.

At present, Jain manages Balanced Advantage, Flexi Cap and Top 100 funds at HDFC MF, apart from an India-dedicated scheme under exclusive mandate from a sovereign wealth fund.

The development has come a day after TOI report suggested Jain had become India's first fund manager to oversee Rs 1-lakh-crore worth equity assets.


Jain has the unique distinction of being the first Indian fund manager to manage a fund for over 25 years.

Launched in 1994, he has been managing Balanced Advantage Fund since its inception. In an earlier interaction with TOI, Jain had said that over 25 years ago, he was managing just around Rs 120 crore worth of assets in this fund. In a quarter of a century, the fund’s total assets have grown by over 350 times.

Jain is a B-Tech graduate from IIT Kanpur, PGDM from IIM, Bangalore and CFA from AIMR, USA. Prior to joining AMC, he worked with Zurich AMC and SBI Mutual Fund.

HDFC AMC noted Setalvad has been part of the Investment Team since inception and after a brief stint of 2.5 years outside starting October 2004 joined it again in March 2007 and has been with the company since then.

Setalvad has been managing some of the fund house's equity schemes for a long time.

Mehrotra, on the other hand, has been with the company for over 18 years and is presently managing few Fixed Income schemes.

"Both Setalvad and 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," HDFC AMC.