The fund manager churn at Birla Sun Life continues unabated. The latest round of changes follows the exit of CIO Nishid Shah, who was managing about 20 funds. Shah had been managing a total of nine equity and hybrid funds of Birla since September 2004. Subsequently, more funds were added as a result of new fund launches and the acquisition of the funds of erstwhile Alliance Mutual Fund.
The AMC has now announced a new approach. It has assigned a primary and secondary fund managers for all equity funds as well as for the equity part of its hybrid funds.
Under the new set-up, the funds will be managed by a total of seven fund managers, most of whom are understood to be promoted from within the existing research team. While the two seniors members-Jayesh Gandhi and Mahesh Patil have been made the primary fund managers of different funds, the others have been assigned the job of secondary fund managers.
While it remains to be seen whether this new unusual arrangement will prove to be more stable, frequent fund manager changes cannot but increase anxiety among investors.