JM Financial Mutual Fund’s former chief investment officer, Sandeep Sabharwal has joined Prabhudas Lilladher Group as Chief Executive Officer of portfolio management services business.
Sabharwal resigned from JM Financial Mutual Fund in February this year. The mutual funds’ equity funds, managed by him, registered average 70% negative returns in 2008, with the highest loss registered by JM Emerging Leaders Fund of 80%, a mid-cap equity fund. The BSE Sensex Index, in comparison, declined by 50% in 2008.
Sabharwal received recognition with his stint at SBI Mutual Fund, where he turned around the performance of the mutual fund’s equity schemes with his aggressive investment approach and strong stock selection approach in the mid-cap space. He left SBI Mutual Fund to join Lotus Mutual Fund, where he was asked to leave post his name appeared in the stock market scam of 2001. The Lotus Mutual Fund was recently acquired by Religare Aegon Mutual Fund.
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