InvestorQ : How do you see the exit of Prashant Jain from HDFC AMC. Will it be a negative for the fund performance?
Niti Shenoi made post

How do you see the exit of Prashant Jain from HDFC AMC. Will it be a negative for the fund performance?

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ishika Banerjee answered.
3 weeks ago
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On the day that his resignation was announced, there was some degree of panic in the market as the stock of HDFC AMC corrected quite sharply. However, this is likely to be a short term worry, notwithstanding the fact that Prashant has been an iconic figure at HDFC AMC. Jain was responsible for overseeing Rs4.21 trillion worth of assets under management (AUM). While some of his funds have been top class performers over the last 15-20 years, his approach took a hit in the last few years after he went grossly wrong on PSU banks.

The first signs of Prashant Jain be unhappy came when Navneet Munoth was appointed CEO of HDFC Mutual Fund. Prior to that, Navneet was the CIO of SBI Mutual Fund. Prashant has been with the same group for nearly 3 decades. He joined as a fund manager with 20th Century Fund, which was later sold to Zurich Mutual Fund, which in turn was sold to HDFC Mutual fund. Incidentally, Jain is the only CIO in India who manages an equity corpus in excess of Rs1 trillion. His HDFC Balanced Advantage Fund has returned 17.87% CAGR.

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