Mutual Fund Managers

Who is a Mutual Fund Manager?

A mutual fund manager is a finance professional who manages the scheme’s investments. They do so per the objectives stated in the Scheme Information Document (SID) and Key Information Memorandum (KIM). Depending on the mutual fund, the responsibility may rest with one manager or a team.

Mutual Fund managers are salaried employees of Asset Management Companies (AMCs). Their compensation is based on a salary and, in many cases, performance-linked bonuses decided by the AMC. It is not a percentage of the fund’s Assets Under Management (AUM). For investors, costs are recovered through the scheme’s Total Expense Ratio (TER), which includes the fund management fee and is capped by SEBI regulations.

Best Mutual Fund Managers in India (2025)

Some of the most skilled and experienced fund managers guide India's mutual fund industry. Below is an overview of the top mutual fund managers in India in 2025:

1. Shreyash Devalkar

   Shreyash Devalkar, Head of Equity at Axis Mutual Fund, manages flagship schemes such as Axis Bluechip and Axis Midcap. With nearly two decades of equity market experience, he is known for a disciplined approach, focusing on financials, pharma, and consumer discretionary. Since joining Axis AMC in 2016, he has played a key role in shaping the fund house’s long-term equity strategy and building investor trust.

2. R. Srinivasan

   Srinivasan is the Chief Investment Officer (Equity) at SBI Mutual Fund. He joined the AMC in 2009 and has over 26 years of experience across Indian and global institutions. Known for his deep market insights and steady leadership, he oversees a large equity portfolio. While he drives the overall equity strategy, the SBI Bluechip Fund is currently managed by Saurabh Pant.

3. Sankaran Naren

   Sankaran Naren, Executive Director and Chief Investment Officer at ICICI Prudential AMC, is one of the most respected figures in the industry. With over 26 years of experience, he is known for his contrarian investment style and ability to read macroeconomic cycles effectively. Naren has been instrumental in shaping ICICI Prudential’s equity and hybrid fund strategies. 

4. Harsha Upadhyaya

   Harsha Upadhyaya, CIO (Equity) at Kotak Mahindra AMC, brings more than 23 years of experience in equity research and fund management. An alumnus of NIT Surathkal and IIM Lucknow, and a CFA charterholder, he has held key positions at DSP BlackRock, UTI AMC, and Prabhudas Lilladher. 

5. Manish Gunwani

   Manish Gunwani is Head of Equities at Bandhan AMC, with over two decades of market experience. Before this, he worked with Nippon India, ICICI Prudential AMC, and Lehman Brothers. Gunwani’s diversified career has given him domestic and global exposure, helping him identify opportunities across sectors. At Bandhan AMC, he leads equity strategies with a focus on sustainable growth and disciplined stock selection.

6. Chandraprakash Padiyar

   Chandraprakash Padiyar, Senior Fund Manager (Equities) at Tata Mutual Fund, has nearly 19 years of financial sector experience. A CFA charterholder with an MBA in Finance, he joined Tata AMC in 2018. Known for his research-driven approach, Padiyar focuses on building long-term equity portfolios that emphasise sustainable returns and sectoral diversification.

7. Ankit Agarwal

   Ankit Agarwal joined Motilal Oswal AMC as Fund Manager in August 2025. He previously worked with UTI AMC, Barclays, BNP Paribas, D.E. Shaw, and Centrum Capital. His appointment strengthens Motilal Oswal’s equity management team and signals the AMC’s focus on expanding its actively managed equity offerings.

8. PGIM India Mutual Fund

   At PGIM India Mutual Fund, equity schemes like the Midcap Opportunities Fund are managed by a team led by CIO Vinay Paharia, with Anand Trivedi among the key managers. The AMC is recognised for its disciplined investment style and consistent performance in mid-cap and diversified equity segments.

Note: The names of fund managers listed here reflect their current roles as of August 2025. Since AMCs may reassign schemes or change leadership, investors should always verify the latest fund details directly from the AMC’s official website or SEBI filings.

Types of Mutual Fund Managers 

Mutual fund managers generally operate under two main approaches: active and passive management.

Role of a Fund Manager in Mutual Funds

A fund manager is responsible for a lot more than just choosing stocks. Their responsibilities include:

• Building and Managing a Portfolio: They choose a balanced mix of assets, such as stocks, bonds, and cash alternatives, to meet the fund's goals. The fund’s investment mandate provides clear guidance on how its assets should be allocated.

• Delegation of Duties: They might hire outside experts to do some chores, like writing reports or running the business, so that they can focus more on research and portfolio strategy.

• Monitoring Market Movements: Fund managers closely track stock price fluctuations, trading volumes, and broader market sentiment to assess volatility. This continuous monitoring helps in making informed, timely decisions.

• Analysing Company Financials: Mutual fund managers conduct detailed analysis of a company’s financial statements, including annual reports, profit and loss statements, balance sheets, and cash flow statements. They do this to assess their financial health, profitability, and operational efficiency.

• Assessing Management Quality: Fund managers review a company's leadership experience, track record, and governance. Strong and ethical management often supports long-term growth and reduces risks.

• Aligning with Fund Strategy: Investment decisions follow the fund’s objectives, such as growth, income generation, or risk control, keeping the portfolio consistent with its mandate and investor expectations.

Factors to Remember While Choosing a Mutual Fund Manager

Assessing a mutual fund requires more than reviewing its past performance. It is also necessary to consider the fund manager’s skills and investment approach.

• Track Record: A fund manager’s consistent returns across different market conditions indicate sound judgment and the ability to adapt to changing circumstances over the long term.

• Investment Philosophy: Understanding when a manager follows a growth, value, or blended approach helps investors set realistic expectations regarding the fund’s strategy and potential outcomes.

• Risk Management Skills: An effective manager demonstrates the ability to balance risk and return, a skill that becomes particularly critical during periods of market volatility.

• Decision-Making Process: Investment decisions should be transparent and based on thorough research and analysis, reflecting a disciplined approach.

• Strength of the Team: Large funds often rely on a team of analysts and sector specialists, and a well-organised team enhances the quality of investment decisions.

• Communication and Transparency: Providing clear and regular updates and performance reviews ensures that investors are well-informed and builds trust.

• Adaptability: A resilient fund manager can adjust strategies in response to evolving economic and market conditions, ensuring sustained portfolio performance.

Key Takeaways

A mutual fund manager is central to the performance of any scheme. Their expertise, philosophy, and risk management ability directly influence investor returns. Understanding the difference between active and passive management, and reviewing a manager’s style and track record, can help investors align with the right fund strategy.

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