Kenneth Andrade, Head - Investment at IDFC AMC has quit the fund house to pursue other entrepreneurial opportunities, said a company statement.
Kenneth managed IDFC Premier Equity Fund, IDFC Equity Fund and IDFC Equity Opportunity - Series 1. These three funds collectively have AUM of Rs. 7,738 crore.
With the exit of Kenneth who directly managed a large portion of equity assets at IDFC MF, distributors are advising investors to wait and watch. “If there are large exits from the funds which impairs the fund performance then investors can look at exiting. As of now, we need to wait and watch,” says Vinod Jain of Jain Investments.
“I have high regard for him. He has a unique style of managing funds. His funds have created consistent returns for investors,” said Vinod about Kenneth’s fund management skills.
A Mumbai based distributor who manages around Rs. 650 crore said that the performance of IDFC schemes may not be impacted so much. “He was good in the mid cap scheme. However, his performance has slipped over the last 1-2 years. I don’t think there is a need to panic as IDFC can manage the transition smoothly.”
Before joining IDFC, Kenneth was Fund Manager at Kotak Mutual Fund from 2002 till 2005. He has also worked with Sharekhan as Head of Portfolio Advisory. He started his career as a Management Trainee at Capital Market Magazine in 1991.
