HDFC Mutual Fund on Monday (November 16) informed the stock exchanges that its Board of Directors has approved the appointment of Navneet Munot as the next Managing Director and CEO of the company. Navneet Munot, who was the chief investment officer of SBI Funds Management, will succeed HDFC Mutual Fund's long-time Managing Director and CEO Milind Barve. HDFC Mutual Fund's Board of Directors approved the appointment at its meeting held today, according to a regulatory filing by HDFC AMC.
SBI Funds Management, in a separate statement, said that 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, the statement added.
"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," said Vinay Tonse, SBI Funds Management MD and CEO.
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.
On November 14 in a special Muhurat session, HDFC Asset Management Company Ltd settled at 2.02 per cent higher at Rs 2452.35 apiece on the BSE.