As reported by Money Control, Prashant Jain, India's longest-serving mutual-fund manager and has managed a mutual fund scheme since it began 28 years ago. Prashant Jain, chief investment officer of HDFC AMC has called it quits and has decided to move on.
He was overseeing total assets worth Rs 4.12 lakh crore as of June 30, 2022, and directly managing over Rs 1 lakh crore under four predominantly equity schemes.
Jain started his career with SBI Caps and then moved to 20th Century Mutual Fund. Century Mutual Fund was sold to Zurich Mutual Fund which was later acquired by HDFC Mutual Fund in 2003.
Earlier in September 2020, rumours were ripe that Jain was going to quit AMC but those turned out to be false. As of now, there are rumours that Jain might set up his own investment firm.
Jain has had a fantastic track record for 28 years, until 2015 when he decided to invest in public sector banks. Due to the bad asset problems in Indian banking, the decision of investing in public sector banks proved to be fatal.
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