|
|
|
HDFC Asset Management Company Limited (AMC)
HDFC Asset Management Company Ltd (AMC) was incorporated under the Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset Management Company for the HDFC Mutual Fund by SEBI vide its letter dated June 30, 2000.
The registered office of the AMC is situated at Ramon House, 3rd Floor, H.T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai - 400 020.
In terms of the Investment Management Agreement, the Trustee has appointed the HDFC Asset Management Company Limited to manage the Mutual Fund. The paid up capital of the AMC is Rs. 25.161 crore.
The present equity shareholding pattern of the AMC is as follows :
| Particulars |
% of the paid up equity capital |
| Housing Development Finance Corporation Limited |
60 |
| Standard Life Investments Limited |
40 |
Zurich Insurance Company (ZIC), the Sponsor of Zurich India Mutual Fund, following a review of its overall strategy, had decided to divest its Asset Management business in India. The AMC had entered into an agreement with ZIC to acquire the said business, subject to necessary regulatory approvals.
On obtaining the regulatory approvals, the following Schemes of Zurich India Mutual Fund have migrated to HDFC Mutual Fund on June 19, 2003. These Schemes have been renamed as follows:
| Former Name |
New Name |
| Zurich India Capital Builder Fund |
HDFC Capital Builder Fund |
| Zurich India Equity Fund |
HDFC Equity Fund |
| Zurich India High Interest Fund |
HDFC High Interest Fund |
| Zurich India Liquidity Fund |
HDFC Cash Management Fund |
| Zurich India Prudence Fund |
HDFC Prudence Fund |
| Zurich India Sovereign Gilt Fund |
HDFC Sovereign Gilt Fund* |
| Zurich India TaxSaver Fund |
HDFC TaxSaver |
| Zurich India Top 200 Fund |
HDFC Top 200 Fund | *HDFC Sovereign Gilt Fund has been wound up in March 2006.
The AMC is also providing portfolio management / advisory services and such activities are not in conflict with the activities of the Mutual Fund. The AMC has renewed its registration from SEBI vide Registration No. - PM / INP000000506 dated December 21, 2009 to act as a Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993. The Certificate of Registration is valid from January 1, 2010 to December 31, 2012.
The Board of Directors of the HDFC Asset Management Company Limited (AMC) consists of the following eminent persons.
| Mr. Deepak S. Parekh |
Mr. Deepak Parekh, the Chairman of the Board, is associated with HDFC Ltd. in his capacity as its Chairman.
Mr. Parekh joined HDFC Ltd. in a senior management position in 1978. He was inducted as Wholetime Director of HDFC Ltd. in 1985 and was appointed as the Executive Chairman in 1993.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| Airport Authority of India |
Director |
| Bharat Bijlee Limited |
Alternate Director |
| Borax Morarji Limited |
Alternate Director |
| Castrol India Limited |
Director |
| Exide Industries Limited |
Alternate Director |
| GlaxoSmithKline Pharmaceuticals Limited |
Chairman |
| HDFC ERGO General Insurance Company Limited |
Chairman |
| HDFC Standard Life Insurance Company Limited |
Chairman |
| Hindustan Unilever Limited |
Director |
| Hindustan Oil Exploration Corporation Limited |
Director |
| Infrastructure Development Finance Company Limited |
Chairman |
| Lafarge India Pvt. Limited |
Chairman |
| Mahindra & Mahindra Limited |
Director |
| Siemens Limited |
Chairman |
| Singapore Telecommunications Ltd. |
Director |
| The Indian Hotels Company Limited |
Director |
| WNS Global Services Private Limited |
Director |
| Zodiac Clothing Company Limited |
Alternate Director |
Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).
|
| Mr. N. Keith Skeoch |
Mr. N. Keith Skeoch is an associate director on the Board. He is associated with Standard Life Investments Limited as its Chief Executive and is responsible for all company business and investment operations within Standard Life Investments Limited.
Mr. Skeoch joined Standard Life Investments Limited as Chief Executive Officer from James Capel & Co (now HSBC Securities), where he was employed from 1980 to 1999. From his first role at James Capel as an International Economist, he went on to become the Senior UK Economist in 1982 and Chief Economist two years later. In 1993, he was appointed Director of Economics and Strategy and was given the responsibilities of Managing Director, International Equities in 1998.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| 4217993 Canada Inc |
Director |
| HDFC Standard Life Insurance Company Limited |
Director |
| Reform Scotland |
Director |
| SL Capital Partners LLP |
Director |
| SL Capital Partners (US) Limited |
Director |
| Standard Life Assurance Company Funding Inc |
Director |
| Standard Life Investments Limited |
Director |
| Standard Life Investments (Private Equity) Limited |
Director |
| Standard Life Investments (General Partner EPGF) Limited |
Director |
| Standard Life Investments (Asia) Limited |
Director |
| Standard Life Investments (Corporate Funds) Limited |
Director |
| Standard Life Investments (USA) Limited |
Director |
| Standard Life Investments (Mutual Funds) Limited |
Director |
| Standard Life Investments Inc. |
Director |
| Standard Life Investments (Hong Kong) Limited |
Director |
| Standard Life Investments (Holdings) Limited |
Director |
| Standard Life Investments (Trustee No. 1 UK. PDF) Limited |
Director |
| Standard Life Investments (Trustee No. 2 UK. PDF) Limited |
Director |
| Standard Life Investments (Trustee No. 3 UK. PDF) Limited |
Director |
| Standard Life Investments (Trustee No. 4 UK. PDF) Limited |
Director |
| Standard Life Investments (Trustee No. 5 UK. PDF) Limited |
Director |
| Standard Life Investments (Trustee No. 6 UK. PDF) Limited |
Director |
| Standard Life Investments (Trustee No. 7 UK PDF) Limited |
Director |
| Standard Life Investments (Trustee No. 8 UK PDF) Limited |
Director |
| Standard Life Investments (Trustee No. 9 UK. PDF) Limited |
Director |
| Standard Life Investments (Trustee No. 10 UK. PDF) Limited |
Director |
| Standard Life Investments (General Partner UK Shopping Centre Feeder Fund LP) Limited |
Director |
| Standard Life Oversea Holding Limited |
Director |
| Standard Life plc |
Director |
| Standard Life Wealth Limited |
Director |
| SLTM Limited |
Director |
He is also on the following Committees/ Associations:
Association of British Insurers
Investment Management Association
Standard Life Investments Nomination Committee
Mr. Skeoch graduated in Economics (BA Hons) from University of Sussex in 1978 and completed MA (Economics) at University of Warwick in 1979.
|
| Mr. Keki M. Mistry |
Mr. Keki M. Mistry is an associate director on the Board. Mr. Mistry is the Vice-Chairman & CEO of Housing Development Finance Corporation Limited (HDFC Ltd.) He is with HDFC Ltd. since 1981 and was appointed as the Executive Director of HDFC Ltd. in 1993, Managing Director in 2000, Vice-Chairman & Managing Director in 2007 and was elevated to the post of Vice-Chairman & CEO in January 2010.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| Greatship (India) Limited |
Director |
| GRIHA Investments |
Director |
| GRUH Finance Limited |
Chairman |
| HDFC Bank Limited |
Director |
| HDFC Developers Limited |
Director |
| HDFC ERGO General Insurance Company Limited |
Director |
| HDFC Standard Life Insurance Company Limited |
Director |
| India Value Fund Advisors Pvt. Ltd. |
Director |
| Infrastructure Leasing & Financial Services Limited |
Director |
| Intelenet Global Services Private Limited |
Director |
| Next Gen Publishing Ltd. |
Director |
| Shrenuj & Company Limited |
Director |
| Sun Pharmaceutical Industries Limited |
Director |
| The Great Eastern Shipping Company Limited |
Director |
Mr. Mistry is also a director on the Board of Association of Leasing & Financial Services Cos.
He is a fellow of the Institute of Chartered Accountants of India.
|
| Mr. James Aird |
Mr. James Aird is an associate director on the Board. Mr. James Aird is associated with Standard Life Investments as Investment Director, Head of Strategic Development and is responsible for development of its new international business. Mr. Aird also acts as Regional Head of Asia for Standard Life Investments.
Mr. Aird joined Standard Life in 1997 as an Investment Manager for the Corporate Pooled and Segregated Fund businesses. He was appointed Investment Director, Head of Segregated Funds in April 1998 and took up his current position in November 1999. Previously Mr. Aird worked for Scottish Equitable, joining as an Investment Analyst in 1981 before moving on to Fund Manager in 1984. Mr. Aird also managed both UK and international equity portfolios, before taking on the responsibility for developing new investment business in the US institutional market.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| SLAC (Mauritius Holdings) Limited |
Director |
| Standard Life India Advantage Fund |
Director |
| Standard Life Investments - India Opportunities Fund |
Director |
| Standard Life (Mauritius Holdings) 2006 Limited |
Director |
Mr. Aird graduated in Economics from Edinburgh University in 1981 and is currently an Associate of the Society of Investment Professionals.
|
| Mr. P. M. Thampi |
Mr. Thampi is an independent Director on the Board. Mr. Thampi was the Chairman and Managing Director of BASF India Limited from January 1986 to March 2000. Prior to this, he was with ICI India Limited from 1957 to 1985. His last position held at ICI India Limited was as Chief Executive, Fertilizer Division.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| Brigade Enterprises Limited |
Director |
| Pioneer Balloon India Private Limited |
Chairman |
| Strides Acrolab Ltd. |
Director |
Mr. Thampi is a Graduate in Science, Post Graduate Diploma in Chem. Engineering, F.I. Chem. E. (UK) and C. Eng. (UK).
|
| Mr. Humayun Dhanrajgir |
Mr. Humayun Dhanrajgir is an independent Director on the Board.
Mr. Dhanrajgir was associated with Kodak India Limited as its Managing Director from October 1995 to October 2000. Prior to this he was the Managing Director of Lupin Laboratories Limited from December 1994. Mr. Dhanrajgir has held various senior management positions in Glaxo India from 1969 to 1994 from where he retired as Executive Vice-Chairman. From 1964 to 1969 Mr. Dhanrajgir was associated with Burmah Shell India in Senior positions. Earlier, Mr. Dhanrajgir was a Process Design Engineer with British Oxygen Company, London from 1960-1963.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| Cadila Healthcare Limited |
Director |
| Emcure Pharmaceuticals Limited |
Chairman |
| H. Dhanrajgir Estates Private Limited |
Chairman |
| Kemwell Private Limited |
Director |
| Next Gen Publishing Limited |
Director |
| Neuland Laboratories Limited |
Director |
| Sami Labs Limited |
Director |
| Themis Medicare Limited |
Director |
| Zydus Wellness Ltd. |
Director |
Mr. Dhanrajgir was the President of the Organisation of Pharmaceutical Producers of India (OPPI) for 2 years till September 1994. Prior to that, he was the Vice President of OPPI for 2 years. He was also a Member of the General Committee of the Bombay Chamber of Commerce & Industry (BCCI) and was Vice-Chairman of Indo-British Business Committee, BCCI.
Mr. Dhanrajgir is a B.Tech in Chemical Engineering, Loughborough University, U.K. and M.I.Chem.E (London), C.Eng.(London), A.M.P. (Harvard).
|
| Dr. Deepak B. Phatak |
Dr. Deepak B. Phatak is an independent Director on the Board. Dr. Phatak is associated with Indian Institute of Technology (IIT) Bombay from December 1971 till date. He is presently the Chair Professor and Head, School of IT of IIT, Bombay.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| Bank of Baroda. |
Director |
Dr. Phatak is a B.E, M.Tech and has done his Ph.D.
|
| Mr. Hoshang S. Billimoria |
Mr. Hoshang S. Billimoria is an independent Director on the Board. Mr. Billimoria is presently the Chief Executive Officer of Next Gen Publishing Limited.
Prior to this, Mr. Billimoria was associated with Infomedia India Limited since 1990 to 2004. At the time of his resignation, he was its Vice Chairman and Managing Director.
He was the Deputy CEO with Tata Sons Limited from 1988 –1990. He was a Partner with S.B. Billimoria and Co. from 1979 –1988.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| Fenner Conveyor Belting Private Limited |
Dy. Chairman |
| Gokak Textiles Limited |
Director |
| Thomas Cook (India) Limited |
Director |
| Travel Corporation (India) Ltd. |
Chairman |
Mr. Billimoria is a Graduate in Commerce, Fellow of the Institute of Chartered Accountants (England & Wales) and Fellow of the Institute of Chartered Accountants of India.
|
| Mr. Rajeshwar Raj Bajaaj |
Mr. Rajeshwar Raj Bajaaj is an independent director on the Board. He is the Chairman of Lerch Bates Private Limited, a Specialised Consulting Company for Vertical Transportation. Mr. Bajaaj was appointed as the Chairman of the Board of Directors and Managing Director of Otis India. He was also promoted to the position of the Vice President, South and Southeast Asia based in Singapore wherein the Otis country heads from India, Singapore, Thailand, Malaysia, Indonesia, Philippines and Vietnam reported to him. In May 2001, Mr. Bajaaj joined the Special Olympics Inc. as Managing Director, Asia Pacific, which is a non-profit making organization created by the Joseph P Kennedy Jr. Foundation, Washington for the benefit of people with mental retardation.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| APW President Systems Limited |
Director |
| GlaxoSmithKline Pharmaceuticals Limited |
Director |
| Lerch Bates Private Limited |
Chairman |
Mr. Bajaaj is a Graduate in Science and Law.
|
| Mr. Vijay Merchant |
Mr. Vijay Merchant is an independent Director on the Board. Mr. Merchant is a partner of Dynam Plastics since 1987. He is responsible for overall management and control of the firm for past 20 years. He was the Former President of The All India Plastic Manufacturing Association for 3 terms, Founder of Indian Centre for Plastics in Environment (non-profit body) also Envis Node of Ministry of Environment & Forests Government of India. He has also served on national bodies of Indian Institute of Packaging (Ministry of Commerce), Indian Merchants Chamber, Enviroplast Plastindia Foundation, Indian Plastics Institute, etc. and was the Honorary Editor of Industry Journal Plastics News for 10 years.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| Suraiya Brothers Private Limited |
Director |
Mr. Merchant is a graduate in Commerce and has also done Post Graduate Programme from IIM Ahmedabad.
|
| Ms. Renu S. Karnad |
Ms. Renu Sud Karnad is an associate director on the Board. She joined HDFC in 1978 and was inducted onto the Board as an Executive Director, in the year 2000. In the year 2007, she was elevated to the post of Joint Managing Director and thereafter grew to be its Managing Director with effect from January 1, 2010. She is responsible for the lending operations of HDFC Ltd.
Her other Directorships as on January 31, 2010 are as follows:
| Company |
| Bosch Limited |
Director |
| Credit Information Bureau (India) Limited |
Director |
| Feedback Ventures Private Limited |
Director |
| G4S Corporate Services (India) Pvt. Ltd |
Director |
| GRUH Finance Limited |
Director |
| HDFC Bank Limited |
Director |
| HDFC ERGO General Insurance Company Limited |
Director |
| HDFC Property Ventures Limited |
Chairperson |
| HDFC Realty Limited |
Chairperson |
| HDFC Sales Private Limited |
Chairperson |
| HDFC Standard Life Insurance Company Ltd. |
Director |
| HDFC Venture Capital Limited |
Director |
| ICI India Limited |
Director |
| Indraprastha Medical Corporation Ltd. |
Director |
| Sparsh BPO Services Limited |
Director |
| Transunion LLC – Chicago |
Director |
Ms. Karnad has served as the President of the International Union for Housing Finance (IUHF), an association of housing finance firms present across the globe.
She is a graduate in law from University of Mumbai and holds a Master’s degree in economics from University of Delhi and is a Pravin Fellow - Woodrow Wilson School of International Affairs, Princeton University, U.S.A.
|
| Mr. Milind Barve |
Mr. Milind Barve, Managing Director of the AMC (since July 2000), was associated with HDFC Ltd. in his capacity as General Manager – Treasury. Mr. Barve headed the treasury operations at HDFC Ltd. for 14 years.
Mr. Barve was responsible for the management of HDFC’s Treasury portfolio and for raising funds from Financial Institutions and Capital Markets. He was also head of marketing for retail deposit products and responsible for investment advisory relationships for Commonwealth Equity Fund Mutual Fund and Invesco India Growth Fund.
His other Directorships as on January 31, 2010 are as follows:
| Company |
| Association of Mutual Funds in India (AMFI). |
Director |
| HDFC Asset Management Company (Singapore) Pte. Ltd. |
Director |
Mr. Barve is a Graduate in Commerce and an Associate Member of the Institute of Chartered Accountants of India.
|
|
|