Kairi brown 
'Investment discipline over returns chase', Prashant Jain leaves his legacy
HDFC AMC (CIO) Chief Investment Officer, Prashant Jain resigned today after spending 19 years at the Fund House. He manages assets worth more than total RS 1 Lakh Crore and the largest scheme in his portfolio – HDFC Balanced Advantage Fund – Assets are managed worth RS 43,079 Crore.
He has spent three decades in the total fund management industry. He joined HDFC AMC after building funds received Zurich MF in 2003.
Incidentally, Jain’s resignation came only a day after he became the first fund manager in the country to oversee the assets of investors worth RS 1 Lakh.
Jain has been known for being attached to high construction bets even in the low performance phase. He strongly believes in buying a company with the right assessment and does not fall in the temptation of pursuing shares with high results on expensive assessments.
This is what the Executive of the Mutual Fund Industry, MF Distributor, and Financial Planners regarding the impact and contribution of Jain’s impact in the Mutual Fund industry Crore RS 37 LAKH.
Rajeev Thakkar, CIO & Director, PPFAS Reksa Fund
Prashant Jain has become a veteran fund manager who has navigated various bull and bear cycles. The characteristics of his term of office have moved away from the hustle and bustle of the market in certain sectors even at the expense of short-term low performance that has protected investor wealth during the next decline.
G Pradeepkumar, CEO, Union MF
I really respect Jain Prashant for the wealth he has created for so many investors for more than 25 years. Even to survive so far in the management of funds themselves is an extraordinary achievement. Look at the pressure that must be faced by the Dana Manager. He might be called the first real star fund manager in India.
Swarup Mohanty, CEO, Mirae MF
The way Prashant Jain has institutionalized and placed the fund management process, is for us to learn. The track record because of that, talking to himself. He has become an integral and important part of the fund management industry in India, given the long track record, so it will be difficult for me to see this industry without its presence. There are no other fund managers who have a record track in India. At the personal level, humility is what stands out. The way he did himself all over, both during the up and down, should be emulated. He is really legendary.
Dhruv Mehta, Chairperson, Sapient Wealth Advisor and Broker and Chair of the Foundation of Independent Financial Advisors
Prashant Jain’s contribution is very large to all mutual fund industries, since he began his career in 1994. Since then to this day, HDFC MF has seen significant growth in size. In particular, after Zurich MF joined HDFC MF, the Fund House grew strongly under his leadership as CIO. Just like all fund managers, he has seen several cycles. But, he has held fast to what he believes. He has a certain process and belief. He has worked very hard and has left a great inheritance. With him away and Milind Barve has retired after a long time as MD & CEO of HDFC MF, the new team will now continue their inheritance.
Over the past 4-5 years, HDFC MF has expanded the fund management team on the equity side, to include different investment styles. All styles do not function in all market conditions. Jain has a different investment style.
D Muthurkrishnan, Certified Financial Planner based in Chennai
He has become the original fund manager in the sense that he always holds fast to his beliefs. Unlike other fund managers, who pursue FAD or bought shares at any price, Prashant Jain has avoided it. For example, he did not pursue a real estate in 2008 or pursued Dotcom shares in 2000. Save the client’s money is also one of the basic attributes of a good fund manager. Aditya Puri’s term of office ended at HDFC Bank, the term of office of Deepak Parekh had ended and now Prashant Jain. These people have created institutions. When HDFC acquired Zurich MF, it was a small funding house. Jain is one of the key people to build the institution. He has built an inheritance, which can now be brought forward by the team.
Investors do not need to worry about the continuity of funds managed by Jain. They have a collection of good talent and even the ability to attract fresh talent from outside if needed.
Sanjay Shah, Founder and Director of Implementing, Prudent Company Advisor Services
Prashant Jain has a long task as a fund manager who sees the creation of a sustainable wealth for investors. We will definitely lose the credible fund manager. HDFC AMC must have planned succession long before which must ensure a smooth transition.
SHYAM SEKHAR, Head of Idator, Ithoaghoing TVisory
Prashant Jain not only manages money but also imposes a strong framework of the investment process and contributes significantly to the HDFC AMC brand. Very few financial managers can globally survive at the peak in the investment management profession for three decades and talk a lot about professionalism, commitment, ability, and competence.
Prashant Jain will be missed as a fund manager. But it should not hurt HDFC MF because it has one of the best collections of talents in the upper deck in the investment management function.
