Vinay Paharia quits Union AMC; Hardick Bora and Sanjay Bembalkar to be new co-heads of equity

Union Asset Management Company has announced that Hardick Bora and Sanjay Bembalkar will be co-heads of equity from December. Both Bora and Bembalkar are currently fund managers at Union AMC. Vinay Paharia, who has been the Chief Investment Officer at Union AMC since April 2018, is leaving the company at the end of January 2023.

Announcing the changes, G Pradeepkumar, Chief Executive Officer of Union AMC, said, “Vinay Paharia was primarily responsible for putting in place the robust investment process and grooming a great team that has contributed immensely to the performance of our schemes. We wish him well in his future endeavours. At the same time, the investment process also ensures that the performance of our schemes does not depend solely on any one individual. It is a testimony to the process and to the talent pool available in the AMC that we have been able to announce our succession plan very quickly. Both Hardick and Sanjay have been managing funds with us for some time and have been instrumental in institutionalising the investment process. They are also supported by a strong team of analysts. I am sure that the team will be able to carry on with the good work and achieve our goal of producing consistent above average returns in every category that we are present in.”

Sanjay Bembalkar is a CFA charter-holder (CFA Institute, USA), Chartered Accountant, M.Sc. (Accounting and Finance) from London School of Economics & Political Science (LSE), B.Com. He has a rich experience of over 15 years predominantly in the field of fund management and equity research. He was appointed as fund manager (Equity) at Union AMC in June, 2021. Prior to joining Union AMC, he has worked with Canara Robeco Asset Management Company as fund manager – equities, LIC Mutual Fund as research analyst – equity and Quantum Advisors as assistant vice president (equity research).


Hardick Bora is CFA charter-holder with the CFA Institute, USA and Bachelors in Banking and Insurance from University of Mumbai. He has an experience of over 14 years in the financial services sector. He has worked with Union AMC since September 2014. Prior to joining Union AMC, he has worked with Motilal Oswal Securities as senior manager - Institutional Research (Pharmaceutical), Dolat Capital Markets as Research Associate (Pharmaceutical & Agrochemicals) and Khandwala Securities Ltd. as Research Associate (Pharmaceutical).