Prashant Jain, MF industry's poster boy, quits HDFC AMC after 19-year stint

Prashant Jain, the poster boy for the Rs 38-trillion domestic mutual fund (MF) industry, has quit HDFC Asset Management Company (AMC) after 19 years. He was serving as chief investment officer (CIO) at the country’s third-largest fund house, overseeing assets of more than Rs 4 trillion.

Jain has “decided to move on and has tendered his resignation”, HDFC AMC said in a stock exchange disclosure on Friday.

Jain, an alumnus of IIT Kanpur and IIM Bangalore, has been replaced by Chirag Setalvad, who will be head of equities, and Shobhit Mehrotra, who will helm the fixed-income segment. Both will report to Navneet Munot, managing director and chief executive officer of the company. Munot joined HDFC AMC 18 months ago following the retirement