HDFC Mutual Fund appoints Navneet Munot as MD & CEO
HDFC Mutual Fund has appointed Navneet Munot as managing director and chief executive officer.
HDFC Mutual Fund has appointed Navneet Munot as managing director and chief executive officer. Munot, who was earlier chief investment officer (CIO) at SBI Mutual Fund, will be succeeding Milind Barve, who has been MD and CEO of HDFC AMC since inception in 2000.
HDFC Asset Management Co. Ltd in a regulatory filing on Monday said, "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."
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.
SBI Funds Management is the largest fund house in the country, managing assets of over Rs 4.5 lakh crore, while HDFC MF has an asset base of Rs 3.75 lakh crore.