Anurag Mittal quits IDFC MF for UTI Mutual Fund


Anurag Mittal, a debt fund manager who managed key IDFC Mutual Fund schemes such as IDFC Corporate Bond Fund, IDFC Banking, and PSU Debt Fund, has left the fund house and joined UTI Asset Management Company. He will be working under Amandeep Chopra who is head of fixed income at UTI AMC.

UTI AMC debt funds were hit badly by exposure to groups such as IL&FS and DHFL in 2019 and Vodafone Idea in 2020. By contrast IDFC AMC did not suffer from any default following the IL&FS crisis. The fund house also embraced the ‘roll down’ strategy for some of its key funds such as IDFC Corporate Bond Fund and IDFC Banking and PSU Debt Fund under the leadership of Mittal and Suyash Choudhary, who is head, fixed income at IDFC Asset Management Company. However, UTI AMC underwent a change in structure this year. In July it promoted Vetri Subramaniam, who was previously its head of equity, as CIO with overall responsibility for equity and fixed income.

A person with knowledge of the matter, who declined to be named, emphasized the process-driven approach of IDFC Asset Management Company. He also added that IDFC AMC has a strong debt team led by Suyash Choudhary. He further pointed to the three-lens framework of the fund house which segregates debt funds into three buckets: liquidity, core and satellite which governs the fund house debt strategy regardless of the fund manager. “The liquidity allocation is meant for very short term parking of surpluses, or maintaining an emergency corpus. The core allocation should ideally form the bulk of an investor’s debt allocation, with funds that focus on high credit quality and low, to moderate maturity profile matched to the horizon. The Satellite bucket has funds that can take higher risk. Within these buckets, we have different offerings with varying minimum horizons that can aid decision making,” the framework states.

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