IDFC Mutual Fund in Talks to Hire Manish Gunwani as CIO

IDFC Mutual Fund is in talks to rope in Manish Gunwani as the chief investment officer, said people familiar with the development. Gunwani oversaw Nippon Life Asset Management‘s equity assets before quitting in November. Anoop Bhaskar, IDFC Mutual’s equities head, is said to have put in his papers. The move to bring in a new investment chief comes as IDFC Mutual is in the final stages of being taken over by the Bandhan Financial Holdings-led consortium.

An IDFC Mutual spokesperson did not respond to an email query. Gunwani did not respond to phone calls and text messages.

IDFC Mutual Fund is among the top 10 asset management companies in the country with average assets under management of Rs 1.19 lakh crore. The asset manager was acquired by the consortium comprising Bandhan Financial, GIC and ChrysCapital in a Rs 4,500 crore-deal. The fund house, in which Bandhan will hold 60% and the other investors would own 20% each, will be rechristened Bandhan Mutual Fund.

Sources said the new owners want IDFC Mutual to boost focus on increasing the more profitable equity assets under management. The fund house managed Rs 79,000 crore in fixed income and Rs 28,360 crore in equity as on December 31, 2022. Most of its equity schemes lagged its peers in the past one year with its assets under management rising from Rs 27,567 crore in December 2021 to Rs 28,357 crore in December 2022.