Manish Gunwani quits ICICI Prudential Mutual Fund

Manish Gunwani has resigned as the deputy chief investment officer--equity of ICICI Prudential Mutual Fund, the country's biggest mutual fund. A spokesperson of ICICI Prudential confirmed his exit.

Gunwani is speculated to be joining Reliance Mutual Fund. In response to a query, Reliance declined to comment. Gunwani joined ICICI Prudential in June 2010 and managed two large schemes-- ICICI Prudential Focused Bluechip Equity Fund, and the equity portion of ICICI Prudential Balanced Advantage Fund. Prior to ICICI, he worked with Lehman Brothers, Brics Securities, SSK and Prime Securities.


Post demonetization as investors shift from physical savings to financial savings, assets under management have been rising in mutual funds and are close to Rs 20 lakh crore. Growing competition has led to asset management companies competing hard with each other to grab a share of the growing pie. This has led to a fight for talent , leading to a lot of churn in the industry over the last couple of years.

After Kenneth Andrade quit IDFC Mutual Fund, the fund house hired Anoop Bhaskar, who headed equities at UTI. UTI MF hired Vetri Subramaniam, CIO of Invesco MF, while Invesco hired Taher Badshah of Motilal Oswal AMC.