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Switching Jobs

Vinay Kulkarni moves to HDFC MF while Sandip Sabharwal gets at the helm of JM Financial. While Kulkarni last job was at Tata Mutual Fund, Sabharwal's last stint was at Lotus India

Fund manager changes are happening in the mutual fund industry with increasing frequency.

Two of the most noticeable changes over the past month are that of Vinay Kulkarni and Sandip Sabharwal.

Vinay Kulkarni had been a fund manager with UTI Mutual Fund for over a decade till mid-2005. But within a space of last one-and-a-half years, he has switched jobs thrice. From UTI he moved to Deutsche Mutual Fund where he stayed for a year before moving to Tata Mutual Fund for about two months to finally 'settle' at HDFC Mutual Fund in November 2006. Among others, he will be at the helm of HDFC Taxsaver Fund. Now this is one of the best-performing tax-planning funds and it will be keenly watched if he is able to maintain its trail-blazing performance.

In another development, Sandip Sabharwal has taken over as the chief investment officer of JM Financial Mutual Fund. He had been widely credited with the impressive turnaround of some schemes of the SBI Mutual Fund. After all the controversy over dubious transactions and an abrupt exit from Lotus India Mutual Fund, this is a new beginning for him. At JM, he will manage JM Equity and JM Emerging Leaders.

While the former is quite an average performer, the latter has performed rather poorly to deliver negative returns in the last one year. It will be interesting to see if Sabharwal is able to cast the same magic as he did during his stint in SBI Mutual.