Navneet Munot, the chief investment officer of SBI Funds Management, will succeed the present managing director Milind Barve, HDFC Mutual Fund, the latter said in an exchange filing.
Milind Barve has been MD and CEO at HDFC AMC from its inception in 2000. SBI Mutual Fund became the largest asset manager in India after it surpassed HDFC Asset Management Company in February earlier this year.
In a separate statement, SBI Funds Management said Munot has decided to leave the organization to pursue other opportunities.
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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.
SBI Funds Management MD and CEO Vinay Tonse 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 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.
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