How much money did ICICI Prudential’s star fund manager Sankaran Naren make in FY25?

ICICI Prudential Asset Management Company’s Draft Red Herring Prospectus (DRHP) for its IPO reveals that veteran fund manager S. Naren earned Rs 5.89 crore in FY25, which includes salary/remuneration, bonus, perquisites, and deferred bonuses accrued in previous fiscals.

According to the DRHP, the star fund manager is entitled to receive a basic salary of Rs 1.41 crore, a fixed salary of Rs 3.54 crore, and a target bonus of Rs 2.83 crore.

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The document further states that S. Naren is also eligible for Bank ESOPs, which would be granted in accordance with the norms applicable to group executives, subject to the approval of the board of ICICI Bank Limited.

As of the date of this Draft Red Herring Prospectus, a contingent or deferred compensation of Rs 1.37 crore has been accrued for fiscal 2025 but will be payable at a later date.

Sankaran Naren is the Executive Director and Chief Investment Officer at ICICI Prudential AMC. Pursuant to resolutions passed by the Board and Shareholders on October 17, 2023, and December 13, 2023, respectively, Naren was reappointed to the role for a period of two years, effective from July 1, 2024.

He has over 28 years of experience in the financial services industry, including investment banking, fund management, equity research, and stockbroking operations. He is currently a member of the Committee on Equity Matters at the Association of Mutual Funds in India (AMFI).

Naren has previously been associated with Refco-Sify Securities India Private Limited, HDFC Securities Limited, The Hongkong and Shanghai Banking Corporation Limited, and Yoha Securities Limited. He received the “India CIO of the Year” award at the Asia Asset Management – 2023 Best of the Best Awards.

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ICICI Prudential AMC IPO filing

ICICI Prudential Asset Management Company, India’s second-largest asset manager by assets under management, submitted its draft IPO documents to the Securities and Exchange Board of India (Sebi) on July 8, aiming to launch a public offering.

The proposed IPO is structured entirely as an offer for sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings, the UK-based joint venture partner. As there is no fresh issue involved, all proceeds from the offering will go directly to the selling shareholder, with ICICI Prudential AMC receiving no capital infusion from the issue.

If successful, the IPO will make ICICI Prudential AMC the fifth company from the ICICI Group to be publicly listed, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities. It will also become the fifth asset management firm to go public, following HDFC AMC, UTI AMC, Nippon Life India AMC, Aditya Birla Sun Life AMC, and Shriram AMC.

The IPO is being managed by an unprecedented 18 merchant bankers — the highest ever for an Indian IPO. These include global and domestic firms such as Citigroup, Morgan Stanley, BofA Securities, Axis Capital, CLSA, IIFL Capital, Kotak Mahindra Capital, Nomura, SBI Capital, ICICI Securities, Goldman Sachs, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama Wealth, and UBS Securities India.