Top mutual fund CEOs get major hike

Top mutual fund


CEO salaries increased at the country's top mutual fund houses during 2019-20 on robust business growth, with HDFC Mutual Fund's Milind Barve being the highest-paid executive.

According to an analysis of the data made public by mutual funds, the CEO salary given by the top 12 fund houses in terms of assets under management increased in the range of 2-132 percent in 2019-20 from the preceding fiscal year.

However, CEO remuneration of Aditya Birla Sunlife MF, Nippon India MF and DSP MF dropped by up to 19 percent during the period under review.

Barve, chief executive of second-largest fund house HDFC MF, claimed the top slot with a salary pay-out of Rs 7.43 crore for the fiscal. His package climbed by 3 percent from Rs 7.23 crore in 2018-19.

In terms of percentage growth, SBI MF, which is the largest fund house in the country in terms of AUM, gave its CEO Ashwani Bhatia a salary jump of 132 percent to Rs 51 lakh in 2019-20. He had earned a salary of Rs 22 lakh in the preceding fiscal.

Ironically, Bhatia is the lowest-paid CEO among the top fund houses.

Barve is followed by Nilesh Shah, the top honcho of Kotak MF, who received a pay package of Rs 7.32 crore, 68 percent higher than Rs 4.35 crore received in the preceding fiscal.

ICICI Prudential MF paid Rs 6.98 crore to its Managing Director Nimesh Shah last fiscal, a hike of 12 percent from Rs 6.25 crore in 2018-19.

Balasubramanian, chief executive at Aditya Birla SunLife MF, was at Rs 5.41 crore, a decrease of 7 percent.

Chandresh Nigam, chief executive at Axis MF, got a salary of Rs 4.8 crore in the period under review as compared to Rs 3.97 crore in 2018-19.

On the other hand, the salary of DSP MF's Kalpen Parekh plunged by 19 percent to Rs 4.2 crore in 2019-20.

The salary of Sanjay Sapre, president of Franklin Templeton MF, was not available for 2019-20 as the company's financial year ends in September. Sapre's salary was Rs 3.50 crore for the year ended September 30, 2019, as compared to Rs 2.99 crore in the previous fiscal.

L&T MF top boss Kailash Kulkarni's salary rose from Rs 2.41 crore to Rs 2.7 crore in the period under review.

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