SBI Funds Management is the largest fund house in the country, managing assets of over Rs 4.5 lakh crore, while HDFC MF has an asset base of Rs 3.75 lakh crore.

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HDFC Mutual Fund on Monday said its board of directors has approved the appointment of Navneet Munot as its next managing director and chief executive officer.

Munot, who was the chief investment officer of SBI Funds Management, will succeed the present managing director Milind Barve, HDFC Mutual Fund said in a filing to the stock exchanges.

In a separate statement, SBI Funds Management said Munot has decided to leave the organization to pursue other opportunities.

The fund management structure at SBI Funds Management will continue to remain the same as the company over a period of time has built a very capable second line with strong vintage, it said.

'Navneet has been part of this team of skilled and experienced senior fund managers and has overseen many of their achievements. We value his contribution to the organization and wish him the best in all his future endeavours,' SBI Funds Management MD and CEO Vinay Tonse said.

SBI Funds Management is the largest fund house in the country, managing assets of over Rs 4.5 lakh crore, while HDFC MF has an asset base of Rs 3.75 lakh crore.

(PTI)