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Time of India
5 days ago
- Business
- Time of India
How much money did ICICI Prudential's star fund manager Sankaran Naren make in FY25?
ICICI Prudential Asset Management Company's Draft Red Herring Prospectus ( DRHP ) for its IPO reveals that veteran fund manager S. Naren earned Rs 5.89 crore in FY25, which includes salary/remuneration, bonus, perquisites, and deferred bonuses accrued in previous fiscals. According to the DRHP, the star fund manager is entitled to receive a basic salary of Rs 1.41 crore, a fixed salary of Rs 3.54 crore, and a target bonus of Rs 2.83 crore. Also Read | Mutual fund SIP stoppage ratio hits 78% in June; monthly contribution crosses Rs 27,000 crore mark Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » The document further states that S. Naren is also eligible for Bank ESOPs, which would be granted in accordance with the norms applicable to group executives, subject to the approval of the board of ICICI Bank Limited . As of the date of this Draft Red Herring Prospectus, a contingent or deferred compensation of Rs 1.37 crore has been accrued for fiscal 2025 but will be payable at a later date. Live Events Sankaran Naren is the Executive Director and Chief Investment Officer at ICICI Prudential AMC . Pursuant to resolutions passed by the Board and Shareholders on October 17, 2023, and December 13, 2023, respectively, Naren was reappointed to the role for a period of two years, effective from July 1, 2024. He has over 28 years of experience in the financial services industry, including investment banking, fund management, equity research, and stockbroking operations. He is currently a member of the Committee on Equity Matters at the Association of Mutual Funds in India (AMFI). Naren has previously been associated with Refco-Sify Securities India Private Limited, HDFC Securities Limited, The Hongkong and Shanghai Banking Corporation Limited, and Yoha Securities Limited. He received the 'India CIO of the Year' award at the Asia Asset Management – 2023 Best of the Best Awards. Also Read | Parag Parikh Flexi Cap Fund increases stake in ITC, Coal India, and 10 other stocks in June ICICI Prudential AMC IPO filing ICICI Prudential Asset Management Company, India's second-largest asset manager by assets under management, submitted its draft IPO documents to the Securities and Exchange Board of India ( Sebi ) on July 8, aiming to launch a public offering. The proposed IPO is structured entirely as an offer for sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings, the UK-based joint venture partner. As there is no fresh issue involved, all proceeds from the offering will go directly to the selling shareholder, with ICICI Prudential AMC receiving no capital infusion from the issue. If successful, the IPO will make ICICI Prudential AMC the fifth company from the ICICI Group to be publicly listed, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities. It will also become the fifth asset management firm to go public, following HDFC AMC, UTI AMC, Nippon Life India AMC, Aditya Birla Sun Life AMC, and Shriram AMC. The IPO is being managed by an unprecedented 18 merchant bankers — the highest ever for an Indian IPO. These include global and domestic firms such as Citigroup, Morgan Stanley, BofA Securities, Axis Capital, CLSA, IIFL Capital, Kotak Mahindra Capital, Nomura, SBI Capital, ICICI Securities, Goldman Sachs, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama Wealth, and UBS Securities India.
Economic Times
5 days ago
- Business
- Economic Times
How much money did ICICI Prudential's star fund manager Sankaran Naren make in FY25?
Synopsis ICICI Prudential AMC, India's second-largest asset manager, has filed draft IPO papers with SEBI for an offer-for-sale of 1.76 crore shares by UK-based Prudential Corporation Holdings. With no fresh issue, proceeds will go to the selling shareholder. If cleared, it will become the fifth ICICI Group firm to list and the sixth asset management company to go public. ICICI Prudential AMC's DRHP reveals S. Naren's FY25 compensation of Rs 5.89 crore, including salary, bonus, and deferred bonuses. ICICI Prudential Asset Management Company's Draft Red Herring Prospectus (DRHP) for its IPO reveals that veteran fund manager S. Naren earned Rs 5.89 crore in FY25, which includes salary/remuneration, bonus, perquisites, and deferred bonuses accrued in previous to the DRHP, the star fund manager is entitled to receive a basic salary of Rs 1.41 crore, a fixed salary of Rs 3.54 crore, and a target bonus of Rs 2.83 crore. Also Read | Mutual fund SIP stoppage ratio hits 78% in June; monthly contribution crosses Rs 27,000 crore mark The document further states that S. Naren is also eligible for Bank ESOPs, which would be granted in accordance with the norms applicable to group executives, subject to the approval of the board of ICICI Bank of the date of this Draft Red Herring Prospectus, a contingent or deferred compensation of Rs 1.37 crore has been accrued for fiscal 2025 but will be payable at a later date. Sankaran Naren is the Executive Director and Chief Investment Officer at ICICI Prudential AMC. Pursuant to resolutions passed by the Board and Shareholders on October 17, 2023, and December 13, 2023, respectively, Naren was reappointed to the role for a period of two years, effective from July 1, 2024. He has over 28 years of experience in the financial services industry, including investment banking, fund management, equity research, and stockbroking operations. He is currently a member of the Committee on Equity Matters at the Association of Mutual Funds in India (AMFI). Naren has previously been associated with Refco-Sify Securities India Private Limited, HDFC Securities Limited, The Hongkong and Shanghai Banking Corporation Limited, and Yoha Securities Limited. He received the 'India CIO of the Year' award at the Asia Asset Management – 2023 Best of the Best Awards. Also Read | Parag Parikh Flexi Cap Fund increases stake in ITC, Coal India, and 10 other stocks in June ICICI Prudential Asset Management Company, India's second-largest asset manager by assets under management, submitted its draft IPO documents to the Securities and Exchange Board of India (Sebi) on July 8, aiming to launch a public proposed IPO is structured entirely as an offer for sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings, the UK-based joint venture partner. As there is no fresh issue involved, all proceeds from the offering will go directly to the selling shareholder, with ICICI Prudential AMC receiving no capital infusion from the successful, the IPO will make ICICI Prudential AMC the fifth company from the ICICI Group to be publicly listed, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities. It will also become the fifth asset management firm to go public, following HDFC AMC, UTI AMC, Nippon Life India AMC, Aditya Birla Sun Life AMC, and Shriram IPO is being managed by an unprecedented 18 merchant bankers — the highest ever for an Indian IPO. These include global and domestic firms such as Citigroup, Morgan Stanley, BofA Securities, Axis Capital, CLSA, IIFL Capital, Kotak Mahindra Capital, Nomura, SBI Capital, ICICI Securities, Goldman Sachs, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama Wealth, and UBS Securities India.
Time of India
17-05-2025
- Business
- Time of India
Gold is even worse! What value investor S Naren has to say on most popular asset class
Gold has emerged as the most talked-about asset class in recent times, attracting immense investor interest globally. However, S Naren, Chief Investment Officer at ICICI Prudential AMC , has sounded a cautionary note on the yellow metal, stating that despite its current popularity, gold is not a lucrative investment option at this point. In a recent interaction with ETNow, Naren pointed out that the surge in questions about gold during investor meetings reflects the heightened focus on the asset, but he maintained that its value proposition is questionable, especially given its current price levels. 'Gold is even worse,' he asserted, emphasizing that the metal is no longer as attractive as it was two years ago. Despite its widespread popularity, he indicated that the precious metal is not an attractive investment option currently, particularly when compared to its more favorable outlook two years ago. 'Two years back, for example, gold and silver were very-very interesting, so we actually thought it was very-very interesting, now even that does not look at this point of time,' he said. Discussing gold's meteoric rise, Naren remarked, 'The asset class which is most in vogue right now is gold. If you go for any meeting, the number of questions we get on gold is unbelievable at this point of time.' Live Events On the debt market front, Naren observed that in India, the 10-year government securities are currently at some of the lowest interest rates seen in recent years, contrasting sharply with the Western markets where 10-year yields are at multi-year highs. 'Across the world, you are at the highest yields in 10-year, except in China and India,' he noted, pointing to the relative lack of value in Indian debt instruments. Also read: Gold Price Prediction: Yellow metal gets cheaper by Rs 3,750/10 gm this week. More fall ahead? What should investors do? The veteran investor suggested a diversified investment approach, advising that it is not the time to focus on a single asset class but rather to allocate capital across multiple assets while maintaining a conservative stance. 'It is a time where you allocate money across asset classes and not choose one asset class and at the same time today focus within every asset class on the safer parts of the asset class because of the way the markets are at this point of time,' he recommended. Despite the challenges in asset allocation , Naren remains optimistic about India's macroeconomic stability, highlighting that the country continues to be one of the best structural stories globally, having managed its macro fundamentals effectively over the past decade. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
