May 2, 2016

The Salaries Of Top Fund Managers In Mutual Funds

The new rules framed by the Securities and Exchange Board of India (SEBI) mandating that Mutual Funds disclose the remuneration paid to the fund managers and other top brass has not gone down well with the mandarins of the mutual funds.

Sundeep Sikka, the head honcho of Reliance Mutual Fund, voiced the irritation of the mandarins when he tweeted “Too frequent & disruptive regulatory changes for MF distributors can have a very negative impact on growth of AMC industry itself.”


Peerless Mutual Fund is sailing in the same boat as PPFAS with Rajiv Shastri, its CEO, and Vilas Solanki, the Head of Ops, taking home salaries of Rs. 1.20 crore and Rs. 30 lakh respectively.

In contrast, Prashant Jain, the whiz-kid fund manager with HDFC Mutual Fund, pockets a fortune of Rs. 22.62 crore. However, even he is second place because Milind Barve, the MD of the Fund, rules the roost with a pay package of Rs. 26.21 crore.

The other fund managers of HDFC MF pocket salaries ranging from Rs. 13 crore to Rs. 5 crore. As many as 38 persons receive remuneration in excess of Rs. 1 crore.

Prima facie, the remuneration levels appear to depend on the AUM of the Mutual Fund and the celebrity status of the fund manager. The performance of the fund may also have a bearing.


No comments:

Post a Comment