SBI MF's Navneet Munot to be new MD & CEO of HDFC AMC1 min read . Updated: 16 Nov 2020, 03:39 PM IST
- Munot, currently CIO at SBI Mutual Fund, succeeds Milind Barve
- HDFC AMC's average asset under management stood at ₹3.75 lakh cr as of 30 Sept, 2020
New Delhi: HDFC Asset Management Company (AMC) on Monday announced Navneet Munot as the new Managing Director & CEO. Munot, currently the Chief Investment Officer (CIO) at SBI Mutual Fund, will be succeeding Milind the current MD Milind Barve.
"The Board of Directors is pleased to inform that at its meeting held on November 16, 2020 has approved that Mr. Navneet Munot will be appointed as Managing Director & CEO of the Company and he will succeed the present Managing Director, Mr. Milind Barve," the company said in a stock exchange filing.
In a separate statement, SBI Funds Management said Munot has decided to leave the organization to pursue other opportunities.
The fund management structure at SBI Funds Management will continue to remain the same as the company over a period of time has built a very capable second line with strong vintage, it said.
"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 organization and wish him the best in all his future endeavours," SBI Funds Management MD and CEO Vinay Tonse said.
Last month, HDFC Asset Management Company (AMC) reported a 8 per cent decline in profit after tax (PAT) at ₹338.06 crore for the three months ended September 30.
The company had posted a PAT of ₹368.24 crore in the year-ago period, HDFC AMC said in a regulatory filing to the stock exchanges.
Total income rose to ₹569.95 crore in the quarter under review from ₹549.07 crore in the corresponding quarter a year ago.
SBI Funds Management is the largest fund house in the country, managing assets of over ₹4.5 lakh crore, while HDFC MF has an asset base of ₹3.75 lakh crore.
With inputs from PTI