HDFC Mutual Fund on Monday informed the stock exchanges that its Board of Directors has approved the appointment of Navneet Munot as the next Managing Director & CEO of the Company. Navneet Munot will step into the shoes of 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. The mutual fund industry had been patiently watching the developments around Milind Barve’s successor for the last few months. Milind Barve was handed an extension till January 31, 2021.
Navneet Munot, who is currently serving as the Executive Director & Chief Investment Officer of SBI Mutual Fund, has over 25 years of experience in the financial markets and has been at the helm of affairs at SBI Mutual Fund since 2008. Navneet Munot, in his present role, is responsible for overseeing investments worth over $100 billion across various asset classes in mutual funds, according to the SBI Mutual Fund website.
Chairman of Indian Association of Investment Professional, Navneet Munot is also the Nominee Director on the board of SBI Pension Funds. Prior to joining SBI, Munot was the Executive Director & Head of multi strategy boutique with Morgan Stanley Investment Management. He has also worked as Chief Investment Officer – Fixed Income and Hybrid Funds at Birla Sun Life Mutual Fund.
Milind Barve, who has occupied the corner office at HDFC Mutual Funds since 2000 was earlier this year handed an extension and is likely to step down at the end of January next year. The 63-year old market vetran was handed the extension to make the transition easy. His term expired on October 31, 2020. Milind Barve has been associated with HDFC AMC in the capacity of General Manager – treasury where he headed the operations for 14 years and was responsible for management of HDFC’s treasury portfolio and for raising funds from institutions and capital markets, according to HDFC Mutual Fund’s website.
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