New Delhi: HDFC Asset Management Company (AMC) announced Navneet Munot as the new Managing Director and CEO on Monday. Munot, currently Chief Investment Officer (CIO) of SBI Mutual Fund, will succeed Milind, the current MD Milind Barve.
The Board of Directors is pleased to report that at its meeting held on November 16, 2020, it has approved that Mr. Navneet Munot be appointed Managing Director and CEO of the Company and will succeed the current Managing Director, Mr. Milind Barve “, said the company in a statement from the stock exchange.
Last month, HDFC Asset Management Company (AMC) reported an 8% decline in earnings after tax (PAT) on ₹Rs 338.06 crore for the three months ended September 30.
The company had published a PAT of ₹Rs 368.24 crore in the prior year period, HDFC AMC said in a regulatory filing to the stock exchanges.
Total revenue increased to ₹Rs 569.95 crore in the reviewed quarter of ₹Rs 549.07 crore in the corresponding quarter a year ago.
The company’s average assets under management (AAUM) stood at ₹3.75 lakh crore as of September 30, 2020 compared to ₹3.76 lakh crore on September 30, 2019.
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