HDFC Asset Management Company’s Chief Investment Officer Prashant Jain has tendered his resignation after 19 years of service, the firm informed investors in a stock exchange filing on Friday. Known for his value investment philosophy, Prashant Jain joined HDFC AMC in June of 2003. “Prashant Jain, Chief Investment Officer of the Company after 19 years, has decided to move on and has tendered his resignation to the Company,” HDFC AMC said in an exchange filing. HDFC AMC’s share price hit an intraday low of Rs 1,872 per share on Friday after news broke, down 2.7%.
As the Chief Investment Officer of HDFC AMC, Prashant Jain was responsible for more than Rs 4 lakh crore in assets under management. He recently became India’s first fund manager to personally manage Rs 1 lakh crore in assets. Prashant Jain has managed three funds since the launch — HDFC Prudence (since January 1994), HDFC Top 200 (since January 2002) and HDFC Equity (since June 2003), according to Value Research.
Prior to his stint with HDFC AMC, Prashant Jain was the Chief Investment Officer, Head of Funds Management, and Fund Manager at Zurich Asset Management Company (India) Private Limited from July 1993 till June 19, 2003, according to S&P Capital IQ. Jain has also worked at SBI Mutual Fund as Fund In-Charge from 1991 to 1993. A Chartered Financial Analyst from AIMR, Prashant Jain has an extensive experience in fund management and research. He received a PGDM from the Indian Institute of Management Bangalore and a B. Tech degree from the Indian Institute of Technology, Kanpur.
Along with Prashant Jain’s resignation, HDFC AMC said that its Board, on the recommendation of the Nomination and Remuneration Committee, 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 & CEO of HDFC AMC.
