The fund house has pulled off a turnaround of its equities business, but has so far been unable to translate that performance to growing its AUM and raising market share.
When a consortium led by Bandhan Bank’s parent took over IDFC Mutual Fund in January this year, the business was skewed towards debt schemes, with little to show for on the equity side. Of the nine equity funds in its portfolio, seven were underperforming their peers.
Enter Manish Gunwani as chief investment officer, equities, of the rechristened Bandhan Mutual Fund. Nine months on, the 50-year old has managed to craft a stellar growth story that even Prashant Jain—the legendary former CIO of HDFC AMC, with an enviable two decade-long record—would be proud of.
The fund house has seen a complete …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Editor, Banking
furquan@mailtmc.com
Delhi