Changes in Fund Manager - November 2025
Dec 5, 2025
The mutual fund industry saw a series of noteworthy fund-manager movements in November 2025. Several actively managed equity schemes underwent leadership changes as fund houses reassigned responsibilities or brought in new managers. In parallel, a number of senior fund managers exited their AMCs, signalling a period of transition across the industry.
This month’s summary includes only actively managed equity and hybrid schemes, and highlights situations where the previous fund manager stepped away entirely from the scheme.
Fund Manager Changes in Actively Managed Funds
Below is a consolidated view of all confirmed fund-manager changes across AMCs in actively managed equity and hybrid funds where the previous manager is no longer associated with the scheme.
Scheme | Previous Fund Manager | New Fund Manager(s) |
|---|---|---|
Mahindra Manulife | ||
Large & Mid Cap Fund | Manish Lodha | Kirti Dalvi |
LargeCap Fund | Fatema Pacha | Fatema Pacha, Kirti Dalvi |
Manufacturing Fund | Manish Lodha, Renjith Sivaram R. | Navin Matta, Renjith Sivaram R. |
Aggressive Hybrid Fund (Equity Portion) | Fatema Pacha, Manish Lodha | Fatema Pacha, Kirti Dalvi |
Equity Savings Fund (Equity Portion) | Manish Lodha, Renjith Sivaram R. | Navin Matta, Renjith Sivaram R. |
Baroda BNP | ||
Banking & Financial Services Fund | Arjun Bagga, Sandeep Jain | Sanjay Chawla, Yash Mehta |
Energy Opportunities Fund | Sandeep Jain, Sanjay Chawla | Kirtan Mehta, Sanjay Chawla |
India Consumption Fund | Himanshu Singh, Shiv Chanani | Himanshu Singh, Pratish Krishnan |
Midcap / Smallcap / Value / Dividend Yield Funds | Shiv Chanani | Midcap - Pratish Krishnan; Smallcap - Sanjay Chawla; |
Multicap Fund | Sanjay Chawla | Kirtan Mehta, Sanjay Chawla |
HDFC | ||
Flexi Cap Fund | Roshi Jain | Chirag Setalvad |
Focused Fund | Roshi Jain | Gopal Agrawal |
ELSS Tax Saver | Roshi Jain | Amar Kalkundrikar |
Others | ||
Shriram (ELSS Tax Saver, Flexicap and Multi-sector Rotation Funds) | Sudip Suresh More | Fund Management team trimmed |
Invesco (select actively managed schemes) | Amit Nigam | No additional appointment made yet |
Why these changes matter
Fund-manager transitions often shape the future direction of a scheme — from sector allocations to risk management style. Investors and advisors typically track such developments closely, especially in actively managed strategies where the manager’s skill plays a crucial role.
Key Fund-Manager Exits from AMCs (November 2025)
Alongside scheme-level changes, several senior investment professionals exited their AMCs during the month. These departures could have broader implications for fund-house strategy and future leadership appointments.
Notable Exits in November 2025
Roshi Jain — resigned from HDFC AMC; widely covered across industry publications.
Amit Ganatra — reported to be leaving Invesco and is expected to join HDFC AMC (industry speculation suggests he may take over key equity mandates).
Amit Nigam — exited Invesco India Mutual Fund, leading to realignments across schemes he previously managed.
Shiv Chanani — stepped away from multiple Baroda BNP Paribas equity schemes as the AMC revised its manager structure.
Sudip Suresh More — fund-management responsibilities removed across some Shriram Mutual Fund schemes. He continues to manage the other schemes.
FAQs
Q: Why do fund-manager changes matter?
A: Because in actively managed funds, the manager’s style and decisions drive performance. A new manager can shift the fund’s approach, risk profile, or portfolio strategy.
Q: Should investors act immediately when a fund manager exits?
A: Usually no. It’s better to monitor the fund for a few months to see how the new manager adjusts the portfolio before making any changes.
What investors and distributors should watch?
Changes in senior personnel may influence fund-house investment philosophy, team stability, and long-term performance across flagship funds. Monitoring such transitions helps investors stay ahead of structural shifts that may not be immediately visible in performance numbers.
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