Vinay Paharia, the chief investment officer (CIO) at Union Asset Management Company (AMC) has decided to move out from the fund house to pursue other opportunities in the mutual fund industry. Union AMC has announced the appointment of Hardick Bora and Sanjay Bembalkar as co-heads of equity with effect from December 01, 2022.
Mr Paharia will be leaving the fund house towards the end of January 2023, said the fund house in its statement. One of the major accomplishments of Mr Paharia at Union AMC was putting in a robust investment process and grooming a team that has contributed immensely to the performance of their schemes.
The fund house has seen a sharp surge in its assets in the last few years. Vinay Paharia, was the CIO at Union AMC since April 2018. In the last few months, there have been quite high-profile exits of senior fund managers like Prashant Jain from HDFC Mutual Fund and Manish Gunwani from Nippon India Mutual Fund.
G Pradeepkumar, CEO of Union AMC said, "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 was appointed as a fund manager (Equity) at Union AMC with effect from June, 2021. Before joining Union AMC, he worked with Canara Robeco AMC, LIC Mutual Fund and Quantum Advisors.
On the other hand, Hardick Bora has worked with Union AMC since September 2014. Before joining Union AMC, he worked with Motilal Oswal Securities, Dolat Capital Markets and Khandwala Securities.
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