HDFC Asset Management Company, the third largest asset manager after SBI Mutual Fund and ICICI Mutual Fund, on Friday said its chief investment officer Prashant Jain has quit the company after 19 years. HDFC boasts of an assets base of Rs 4.15 lakh crore and 57 ongoing schemes as of June-end. 

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Consequently, the company's board approved the appointment of Chirag Setalvad as head equities and Shobhit Mehrotra as head-fixed income, HDFC AMC said in a regulatory filing. 

"Both Setalvad and Mehrotra are capable investment professionals, ready to take up the mantle of heading the Equities and fixed income function and are well supported by highly experienced and committed team of investment professionals," HDFC AMC said. 

Both, Setalvad and Mehrotra will be reporting to Navneet Munot, Managing Director and CEO of the company. 

At HDFC AMC, Jain actively managed schemes like HDFC Balanced Advantage Fund and Flexi Cap Fund that gave impressive returns to investors. 

"Prashant Jain, Chief Investment Officer of the company after 19 years, has decided to move on and has tendered his resignation to the company," the fund house said. 

Setalvad has been part of the investment team since the inception of HDFC AMC and after a brief stint of 2.5 years outside starting October 2004, joined the asset management firm once again in March 2007 and has been with the company since then. He has been managing some of the company's equity schemes for a long time. 

Mehrotra has been with the company for over 18 years and is presently managing few fixed income schemes.