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Vinay Paharia has quit Union Mutual Fund as CIO to pursue other opportunities, said a company press release.
Union MF has now promoted Hardick Bora and Sanjay Bembalkar as Co-Heads of Equity with effect from 1st December 2022. Both Bora and Bembalkar are currently working as fund managers.
In the press release, G Pradeepkumar, CEO, Union MF said, “Vinay Paharia was primarily responsible for putting in place the robust investment process and grooming a great team that has contributed immensely to the performance of our schemes. We wish him well in his future endeavours. At the same time, the investment process also ensures that the performance of our schemes does not depend solely on any one individual. It is a testimony to the process and to the talent pool available in the AMC that we have been able to announce our succession plan very quickly. Both Hardick and Sanjay have been managing funds with us for some time and have been instrumental in institutionalising the investment process. They are also supported by a strong team of analysts. I am sure that the team will be able to carry on with the good work and achieve our goal of producing consistent above average returns in every category that we are present in.”
Bora is a CFA charter-holder with the CFA Institute, USA and Bachelors in Banking and Insurance from University of Mumbai. He has over 14 years of experience in the financial services sector.
Bembalkar is a CFA charter-holder (CFA Institute, USA), Chartered Accountant, M.Sc. (Accounting and Finance) from London School of Economics & Political Science (LSE), B.Com. He has experience of over 15 years predominantly in the field of fund management and equity research.
