Canara Robeco Asset Management (MF)

About

Canara Robeco is the second-oldest asset manager in India. It has been around since 1993, when they were known as Canbank Mutual Fund. The mutual fund was renamed Canara Robeco Mutual Fund in 2007 as a result of a joint venture between Canara Bank and the Robeco company. This combines the Indian market experience of Canara Bank with the substantial global asset management expertise of the Robeco group.

As on 30th April, 2023, Canara Robeco Mutual Fund’s assets under management (AUM) is Rs. 65,918.06 crores (~8.03 billion USD @82 INR per USD).

Canara Bank has over 113 years of banking expertise and is ranked 7th. The bank has more than 10,855 branches and approximately 89 million customers.

The Robeco Group, a pure play asset manager, was established in Rotterdam in 1929. The Robeco Group is recognized as a pioneer in sustainable investing and has an active investment philosophy. The Robeco Group, with offices in 15 nations and approximately 873 workers, has major investment hubs in Rotterdam, Zurich, Boston, Chicago, Hong Kong, and Mumbai.

Key details from financial statements for FY 21-22 –

Total income (INR crores)Total Expenses (INR crores)EBIT  (INR crores)EBIT MarginNet Profit (INR crores)Total Income (USD millions)Total Expenses (USD millions)Net Profit (USD millions)
161.3781.5679.8149.46%79.8121.5210.8710.64

Key staff

Rajnish Narula, Chief Executive Officer – he completed his MBA from Iona College in New York. He joined the firm in 2007. Prior to his current role he worked with ANZ Grindlays, Standard Chartered, Alliance Capital AM, DBS Cholamandalam AM.

Shridatta Bhandwaldar, Head – Equities – he has 14 years of experience. From July 2012 to June 2016, he served as the Head of Research/ Portfolio Manager at SBI Pension Funds Pvt. Ltd. Prior to that, he worked as a Senior Equity Analyst at Heritage India Advisory Pvt. Ltd. from October 2009 to June 2012. Additionally, he worked as a Research Analyst at Motilal Oswal Securities from January 2008 to September 2009 and as a Research Associate at MF Global Securities from April 2006 to December 2008.

Avnish Jain, Head – Fixed Income – he has completed his PGDM from IIM C and B.Tech from IIT Kharagpur. He is working with Canara Robeco since September 2013 and has experience as head of Trading with Yes Bank Ltd. from August 2005 to January 2007, Senior Consultant – Professional Services with Misys Software Solutions (I) Ltd. from January 2007 to October 2008, Head of Fixed Income with Deutsche Asset Management (India) from October 2008 to December 2010, Senior Fund Manager with ICICI Prudential Asset Management (Company Ltd. from December 2010 to September 2013).

Investment philosophy

Canara Robeco has a powerful culture of collaboration, transparency and respect for all. It has an enabling ecosystem that supports creativity and innovation, in alignment with its philosophy of building sustainable business. The culture at Canara Robeco is truly unique in the asset management industry in India and serves as its defining strategic advantage. Canara Robeco encourages an open work environment. The team proudly celebrates success and earnestly learns from mistakes. Cross-functional collaboration, fun at work and continuous learning are credos at Canara Robeco.

Change is the only constant and Canara Robeco continually recalibrates itself to be more agile in a dynamic marketplace. With an ambitious outlook to what lies ahead, Canara Robeco encourages its people to stretch beyond individual limits of achievement, build higher capabilities and be future-ready!

Media

Nimesh Chandan, Head – Investments, Equities, Nirmal Bang, Aug 2020 

  • Three sources to generate alpha – information edge, analytical edge, behavioural edge
  • behavioral screeners to understand investors bias
  • investment checklist to standardise the analysis 
  • for stocks, a hypothetical portfolio with high upside and low downside to nudge the analyst and fund manager for better decisions, to avoid pitfalls and to know the reason for the difference in their portfolio if any.

Krishna Sanghavi, Head of Equities, quits Canara Robeco Mutual Fund, October 09, 2019

https://economictimes.indiatimes.com/mf/mf-news/krishna-sanghavi-quits-canara-robeco-mutual-fund/articleshow/71506644.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Krishna Sangavi, equity head of Canara Robeco Mutual Fund, will leave the mutual fund house, said a source at the wealth management firm. She joined Canara Robeco AMC in August 2018 as Head of the Equities Department.

Updated by – Sattik Mukherjee, December 2022, Ganesh Hulke, June 2023

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