HDFC Mutual Fund has announced that its board of directors had given their final nod to the appointment of Navneet Munot as its next managing director and chief executive officer.
Munot was earlier the chief investment officer of SBI Funds Management and now at HDFC Mutual Fund he will succeed the present managing director Milind Barve said HDFC Mutual Fund in a filing to the stock exchanges.
In a separate statement, SBI Funds Management stated that Munot has decided to resign from the organization to pursue further opportunities.
The statement further stated that the fund management structure at SBI Funds Management will continue to function as usual over a period of time has built a very efficient 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,” said Vinay Tonse, MD and CEO, SBI Funds Management.
SBI Funds Management is India’s largest fund house in the country, managing assets of more than Rs 4.5 lakh crore, while HDFC MF has an asset base of Rs 3.75 lakh crore.