Ten years ago it took some courage to stick to Hdfc mutual fund. They had one scheme called Hdfc Growth fund and it did reasonably well. However it was seen more as a debt fund house rather than as an Equity fund house.
In 2003 Hdfc Mutual fund took over Zurich Mutual fund – and came along Mr. Nigam, Mr. E A Sundaram and of course the Sachin Tendulkar of the asset management business in India – Mr. Prashant Jain. It was Sanjoy Bhattacharyya who was the big boss, but Prashant was there. I remember Prashant saying – I never changed jobs, but I have many visiting cards – my companies got taken over! However he had now landed in the best known brand (arguably, but surely the most trusted private sector financial services brand). Then slowly the promise turned to performance…and for some of us the conviction in the brand became easy to show on the fund fact sheet. After that it was the urging and cajoling of friends that had to be resisted…
Subra do you not do A, B, C, …..Z funds?
The answer was always..you need only 2-3 fund houses, not 43 fund houses or 759 schemes.
Subra, I know..but Rs. 43 lakhs only in 2 fund houses is risky …is it not?
All such questions had to be met with ‘SIP works chief, good systems work, CIO longevity is a great thing to look for…’
And the results are there to see. Then suddenly Forbes does a story ( a nice detailed story) which a friend from IIMB picks up for all of us to read..so here it is, read on:
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