The mutual fund industry is experiencing significant leadership transitions as three major AMCs undergo key fund management changes. According to recent reports, HDFC Mutual Fund has appointed Amit Gantara as the new fund manager of HDFC Flexi Cap Fund, replacing Roshi Jain who previously managed the scheme. Simultaneously, Invesco Mutual Fund's Amit Gantara is also exiting the AMC, while Aditya Birla Sun Life Mutual Fund's Mahesh Patil has resigned as CIO after a 21-year association. These transitions highlight the ongoing leadership changes across India's largest mutual fund houses.
HDFC Mutual Fund has officially announced the fund management changes with effect from February 1, 2026. Amit Gantara has been appointed as the new fund manager of HDFC Flexi Cap Fund, replacing Roshi Jain who previously managed the scheme. According to the fund house notice, Gantara will be re-designated as 'Senior Fund Manager - Equities' effective February 1, 2026. Additionally, Gantara will also manage HDFC Focused Fund, taking over from Gopal Agrawal. As reported by HDFC AMC, Chirag Setalvad, Head of Equities at HDFC AMC, has taken over the management of these funds from December 8, 2025, following Roshi Jain's departure. The appointment was officially announced with effect from January 28, 2026.
As reported by HDFC AMC, Amit Gantara is 45 years old and holds a Commerce degree along with being a Chartered Accountant. He also possesses a Chartered Financial Analyst certification from the CFA Institute, USA. His extensive experience includes working as Director & Head – Equities at Invesco India Asset Management from January 2022 to January 2026, and previously serving as Senior Fund Manager - Equity at HDFC Asset Management Company from May 2020 to January 2022. His career began at Invesco Asset Management (India) as Fund Manager - Equity from January 2007 to May 2020.
According to the latest data, HDFC Flexi Cap Fund maintains an AUM of over ₹97,000 crore, making it one of the largest flexi-cap schemes in the market. As reported by HDFC AMC, this scheme ranks as the second largest flexi-cap fund in terms of AUM after Parag Parikh Flexi Cap Fund, which has an AUM of ₹1.3 lakh crore as of January 29, 2026. The fund will continue to have Dhruv Muchhal as the dedicated Fund Manager for Overseas Investments. During Roshi Jain's tenure, these schemes delivered a notable turnaround, moving from a phase of relative underperformance to top-quartile performance.
Industry experts suggest that fund manager changes do not automatically mean exit from these schemes. Strong AMCs with robust systems can absorb leadership transitions better, though short-term performance volatility after transitions is not uncommon. HDFC AMC, under CEO Navneet Munot's leadership, is known for strong investment processes, depth in research, and continuity in systems. While individual fund managers matter, HDFC's institutional framework reduces the risk of abrupt style or strategy changes. Existing investors may stay put, and fresh investments can be considered given the AMC's consistent long-term performance under various fund managers.