Widely read:
Axis Mutual Fund, known for their growth style of investment, is the latest controversy child. The damaging front-running case and the subsequent SEBI report have not only heightened investors' worries, but have also shot warning signals to their internal systems. As a result, the fund house is scrambling to put its house in order. Chandresh Nigam, who was associated with Axis AMC for over a decade and had been the CEO since 2013, has stepped down, with B Gopkumar from Axis Securities replacing him. Further, Ashish Gupta, previously leading the India equity research at Credit Suisse Group, has joined as the chief investment officer (CIO) to oversee investment management. Adding to the crisis is the fund house's underperformance in the last two years. In short, the AMC has been in the thick of a perfect storm. This leads us to the question on everyone's mind: do their battered funds - which were high-fliers at one point - still merit a place in your portfolio? The short answer is 'Yes, we think so'. Sure, we do have concerns but read ahead to learn what's gone wrong, our worries and why you should not give up...yet. Front-running scandal: Disappointing but not institutionally driven The front-running saga is disappointing, to say the least, even more so because it concerns a fund house of Axis' size and scale. You should expect an AMC with ample resources to prevent such wrongdoings. In that sense, it can argu
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How's my portfolio doing? What do I need to fix? Where should I invest next? Fund Advisor answers each one. The Advisor Note every Saturday. A live session with Dhirendra Kumar every second Saturday.
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