Navneet Munot, Chief Investment Officer of SBI Funds Management, has decided to quit the organisation and join HDFC Mutual Fund as Managing Director and CEO.
Munot will succeed the incumbent Milind Barve at HDFC Mutual Fund.
The board of directors of HDFC Mutual Fund, at its meeting held on Monday, approved the appointment of Navneet Munot as Managing Director and CEO.
Barve was re-appointed as the Managing Director for three years in November, 2017. Accordingly, he completed his current term in October. Barve had expressed desire not seek an extension of his current term as he would turn 63 this year.
However, to provide adequate time for the company to identify a successor, ensure continuity and smooth functioning of the business, Barve has agreed to an extension of three months from November to January 31, 2021, HDFC MF had said in statement after he board approved his service extension in June.
Barve will get a gross salary of ₹24 lakh to ₹35 lakh a month besides other allowances, including house rent, conveyance, commission and personal pay. He will also be eligible to post retirement benefits such as pension and other facilities, it said.
Meanwhile, Vinay Tonse, Managing Director and CEO, SBI Funds Management, said Navneet was part of a skilled and experienced team of senior fund managers and has overseen many of their achievements.
The fund management structure at SBI Funds will continue to remain the same, as it builds a capable second line, he added.
SBIFMPL is the largest fund house in the country managing assets of over ₹450,000 crore, while HDFC Mutual Fund has asset under management of ₹354,400 crore as of September-end.
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