DSP Blackrock MF's senior fund manager to manage offshore funds as company shuffles management

DSP Blackrock Mutual Fund is shuffling its fund management team. Senior fund manager Apoorva Shah, who managed DSP Blackrock Top 100 Fund, DSP BR Equity Fund and DSP BR Tax Saver and DSP BR Small and Midcap Fund (co-fund manager), is said to be moving on to managing offshore funds for the asset management company.

His role will be taken over by fund managers Harrish Zaveri, Rohit Singhania and Vinit Sambre. Shah went through a rough patch in 2013, when funds managed by him underperformed as he bet on an early economic recovery. Early bets on a recovery in sectors such as metals, oil and gas, infrastructure hurt performance.

Though the schemes bounced back in late-2014 and outperformed their benchmark indices, distributors were unhappy with the performance compared to the peers.Shah was criticised for aggressive churning of stocks in fund portfolios. A DSP Blackrock spokesperson declined to comment.