HDFC MF's Prashant Jain becomes first fund manager of Rs1 lakh crore equity assets

21 Jul 2022 , 11:01 AM

Prashant Jain of HDFC MF is the first fund manager in India to manage Rs 1-lakh-crore equity assets as the market rallied on Tuesday, increasing the total AUM of funds managed by him.

Jain oversees the Balanced Advantage, Flexi Cap, and Top 100 funds at HDFC MF, as well as an India-specific scheme with an exclusive mandate from a sovereign wealth fund.

According to sources, the total AUM (assets under management) of the above-stated funds combined, crossed the Rs1 lakh crore mark on Tuesday.

As of June 30, the Balanced Advantage Fund had an AUM of Rs43,079 crore, Flexicap Fund had Rs26,511 crore, and HDFC Top 100 had Rs19,910 crore, as per the data released by mutual fund industry analytics firm NGEN Research. According to the most recent fund portfolio data, debt instruments account for approximately 25% of Balanced Advantage Fund’s AUM.

While there are other fund managers in charge of assets worth more than Rs 1 lakh crore, industry data show that a significant portion of those assets are in debt instruments.

Jain also holds the distinction of being the first Indian fund manager to oversee a fund for more than 25 years.

According to industry data, R Srinivasan of SBI MF and S Naren of ICICI Prudential MF both manage assets worth more than Rs1 lakh crore across equity, debt, and other instruments.

The HDFC Mutual Fund made no comment on the achievement. The publicly traded asset management firm is in the mandatory quiet period ahead of its quarterly results on Friday.