The Navi group took over Essel Mutual Fund in January 2021 and rebranded as Navi Asset Management. As of 30 November 2022, the AMC had a total domestic AUM of over ₹2023.58 crore (~USD $20m). It has a pan India presence in over 37 locations.
Navi AMC Limited is the investment manager for Navi Mutual Fund and Anmol Como Broking Private Limited is its sponsor.
The holding firm, Navi, is the latest venture by Sachin Bansal (formerly co-founder of Flipkart, India’s largest e-commerce player) and Ankit Agarwal (formerly a banker with Deutsche Bank and Bank of America) in December 2018. Navi has taken a technology-driven and customer-focused approach to launch products in the financial services space. It also offers digital lending through its wholly-owned NBFC subsidiary ‘Navi Finserv’ and micro-finance through its wholly-owned MFI-NBFC Chaitanya India.
Key details from financial statements for FY 21-22 –
|Total income (INR crores)||Total Expense (INR crores)||EBIT (INR crores)||EBIT Margin||Net Profit (INR crores)||Total Income (USD millions)||Total Expense (USD millions)||Net Profit (USD millions)|
Hari Shyamsunder, Chief Executive Officer – Hari Shyamsunder is a Chief Executive Officer of Navi AMC. He joined Navi in September 2021 after over a decade at Franklin Templeton where he was a co-portfolio manager and analyst. He worked with BG Group Plc (now Shell plc) before this. With total experience of over 16 years, Hari has a PGDM from IIM Bangalore and a BE from NIT Trichy. He is a CFA charterholder.
Aditya Mulki, Fund manager – Aditya is CFA Charterholder and Bachelor of Commerce having experience of around 7 years. He is currently working as Equity Fund Manager for Navi AMC Limited. Prior to joining Navi Aditya has worked for close to 6 years at Quantum Advisors Ltd as an Equity Research Analyst, covering the consumer staples, consumer discretionary, building materials and media sectors.
Surbhi Sharma, Fund manager – Surbhi is a Company Secretary and PGDM in Finance with an overall experience of over 7 years in the Fixed Income Markets. Previously, worked with DCB Bank Ltd. As a Money Market Dealer in the Bank’s Treasury.Prior to that, have worked with Goldman Sachs Services India Pvt. Ltd. As an Analyst in the EMEA Fixed Income Sales Team
Navi AMC focuses on passive investing.
From its website –
“Navi Mutual Fund offers a wide array of investment options – from a range of low-cost index funds to ELSS funds among other investment options across sectors, market caps and geographies to help investors meet their unique financial goals. In 2022, Navi Mutual Fund launched 6 index funds that cater to the various needs of investors keeping their risk tolerance in mind. Navi’s low-cost funds coupled with a passive investing approach”.
Navi MF plans fund to invest in metaverse firms, BusinessToday.in, 6 April 2022
Navi India has submitted a prospectus for a fund dealing with companies associated with metaverse. The scheme will be benchmarked against the Solactive Metaverse Theme Index, which comprises of around 40 companies including AMD, Alphabet, Apple, Amazon, Fubotv, Electronic Arts, Intuitive Surgical, Microsoft, Nvidia Corp, Qualcomm and Twitter, among others.
MMI Analyst view – This seems to be a somewhat active approach to product launches.
Navi on why they are Focused on passive funds, Moneycontrol, August 2021
Passive funds have seen strong investor interest in the last couple of years, on the back of performances delivered by active funds in relation to passive funds. There are lots of areas in the passive space which have been identified and where they want to focus first as they begin under the Navi brand
Prepared by – Gaurav Jain, 18 May 2022, updated Debolina Dey 2022