|
|
|
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 July 3, 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. 25.241 crore as on March 31, 2013
The equity shareholding pattern of the AMC as on 31 March, 2013 is as follows :
| Particulars |
% of the paid up equity capital |
| Housing Development Finance Corporation Limited |
81.00 |
| Standard Life Investments Limited |
39.87 |
| Other Shareholders(shares issued on exercise of stock options) |
0.32 |
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, 2013 to December 31, 2015.
The Board of Directors of the HDFC Asset Management Company Limited (AMC) consists of the following eminent persons.
| Mr. Deepak S. Parekh |
Mr. Deepak S. Parekh 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 a whole-time director of HDFC Ltd. in 1985, appointed as the Managing Director of HDFC Ltd. (designated as 'Chairman') in 1993 and continued to be appointed as such from time to time. He retired as the Managing Director (designated as 'Chairman') with effect from the close of business hours on December 31, 2009. Mr. Parekh was appointed as an Additional Director of HDFC Ltd. with effect from January 1, 2010. The shareholders of HDFC Ltd. at the 33rd Annual General Meeting held on Wednesday, July 14, 2010, appointed Mr. Deepak S. Parekh as a Director liable to retire by rotation.
His other Directorships as on March 31, 2012 are as follows:
| Company |
| Exide Industries Limited |
Alternate Director |
| GlaxoSmithKline Pharmaceuticals Limited |
Chairman |
| HDFC ERGO General Insurance Company Limited |
Chairman |
| HDFC Standard Life Insurance Company Limited |
Chairman |
| Infrastructure Development Finance Company Limited |
Chairman |
| Mahindra & Mahindra Limited |
Director |
| Siemens Limited |
Chairman |
| The Indian Hotels Company Limited |
Director |
| Zodiac Clothing Company Limited |
Alternate Director |
| WNS Global Services Pvt. Ltd. |
Director |
| DP World Limited |
Director |
| GIC Special Investments Pte Ltd. |
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. Mr. N. Keith Skeoch 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 Investment 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. Mr. Skeoch has held a number key industry appointments and responsibilities. In March 2012 he was appointed as a non-executive director to the Board of the Financial Reporting Council, the UK independent regulatory body. In June 2011, he was appointed as a member of the Advisory Council for the Institutional Investor Committee, a body which represents Institutional investors. Mr Skeoch is also a board member of the Investment Management Association. In Aug 2010 he stepped down as Chairman of ABI Investment Committee having completed three years in office. Immediately prior to this Mr. Skeoch contributed to the industry through a number of channels including HM Treasury Wholesale Markets Forum in the year 2009, Director Association of British Insurers, Director Investment Management Association, Chairman IMA Asset Management Committee and the Chancellor's Working Group on Rights Issues in the year 2007, and FSA Senior Practitioner Panel in the year 2006.
His other Directorships as on March 31, 2012 are as follows:
| Company |
| HDFC Standard Life Insurance Company Limited |
Director |
| Standard Life Investments Limited |
Director |
| Standard Life Trust Company |
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 Inc. |
Director |
| Standard Life Investments (Hong Kong) Limited |
Director |
| Standard Life plc |
Director |
| The Standard Life Assurance Company of Canada |
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 Holdings Limited |
Director |
| Institutional Investor Committee |
Member of Advisory Council |
| Investment Management Association |
Director |
| Reform Scotland |
Member of Advisory Board |
| Aida Capital Limited |
Director |
| Standard Life Investments (General Partner PDFI) Limited |
Director |
| Standard Life Portfolio Investments Limited |
Director |
| Financial Reporting Council |
Non-Exec Director |
|
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. Keki M. Mistry, Vice Chairman and Chief Executive Officer of HDFC Ltd. Mr. Mistry has been employed with HDFC Ltd. since 1981. He was appointed as the executive director of HDFC Ltd. in 1993, as the deputy managing director in 1999 and as the managing director in 2000. He was re-designated as the Vice Chairman and Managing Director of HDFC Ltd. in October 2007. He was re-designated as the Vice Chairman & Chief Executive Officer with effect from January 1, 2010. He has been re-appointed as the Managing Director (designated as 'Vice Chairman & Chief Executive Officer') of HDFC Ltd. for a period of 5 years, with effect from November 13, 2010.
His other Directorships as on March 31, 2012 are as follows:
| Company |
| Bombay Stock Exchange Ltd |
Director |
| Greatship (India) Limited |
Director |
| GRUH Finance Limited |
Chairman |
| GRIHA Investments, Mauritius |
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 |
| Next Gen Publishing Limited |
Director |
| Shrenuj & Company Limited |
Director |
| Sun Pharmaceutical Industries Limited |
Director |
| The Great Eastern Shipping Company Limited |
Director |
| Torrent Power Limited |
Director |
| PWC India Advisory Board |
Member |
| HDFC Bank Ltd |
Director |
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 Limited as Head of Strategic Development and is responsible for development of its new international business.
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 the 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 March 31, 2012 are as follows:
| Company |
| Standard Life Investments - India Opportunities Fund |
Director |
| Standard Life- India Advantage Fund |
Director |
| SLAC (Mauritius Holdings) Limited |
Director |
| Standard Life (Mauritius Holdings) 2006 Limited |
Director |
| Select Property Holdings ( Mauritius) Limited |
Director |
| Standard Life Investments (General Partner GARS) 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 March 31, 2012 are as follows:
| Company |
| Brigade Enterprises Limited |
Director |
| Pioneer Balloon India Private Limited |
Director |
| 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 March 31, 2012 are as follows:
| Company |
| Cadila Healthcare Limited |
Director |
| Emcure Pharmaceuticals Limited |
Director |
| H. Dhanrajgir Estates 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, Deptt. Of Computer Science & Engg., IIT Bombay.
As on March 31, 2012, he is not holding directorship in any other company
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 Tata 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 March 31, 2012 are as follows:
| Company |
| Fenner Conveyor Belting Private Limited |
Vice Chairman |
| Thomas Cook (India) Limited |
Director |
| Travel Corporation (India) Ltd. |
Chairman |
| Council for Fair Business Practices |
Director |
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 a Graduate in Science and 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 the Chairman of the Board of Directors and Managing Director of Otis Elevators India. He also held the position of 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 Special Olympics Inc. as Managing Director, Asia Pacific, a non-profit organization created by the Joseph P Kennedy Jr. Foundation, Washington for the benefit of people with mental retardation.
His other Directorships as on March 31, 2012 are as follows:
| Company |
| GlaxoSmithKline Pharmaceuticals Limited |
Director |
| Lerch Bates Private Limited |
Director |
| Bombay Gymkhana Ltd |
President |
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, Plexconcil, Indian Plastics Institute, etc. and was the Honorary Editor of Industry Journal Plastics News for 10 years.
His other Directorships as on March 31, 2012 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 S. Karnad is an associate director on the Board. Ms. Renu Sud Karnad is associated with HDFC Ltd. in her capacity as its Managing Director. She has been employed with HDFC Ltd. since 1978 and was appointed as the executive director of HDFC Ltd. in 2000 and was re-designated as the Joint Managing Director of HDFC Ltd. in October 2007. She has been appointed as the Managing Director of HDFC Ltd. for a period of 5 years, with effect from January 1, 2010.
Her other Directorships as on March 31, 2012 are as follows:
| Company |
| Bosch Limited |
Director |
| Credit Information Bureau (India) Limited |
Director |
| GRUH Finance Limited |
Director |
| HDFC Bank Limited |
Chairperson |
| HDFC Standard Life Insurance Company Limited |
Director |
| HDFC ERGO General Insurance Company Limited |
Director |
| HDFC Property Ventures Limited |
Chairperson |
| HDFC Sales Private Limited |
Chairperson |
| Indraprastha Medical Corporation Limited |
Director |
| AKZO Nobel India Limited |
Chairperson |
| G4S Corporate Services (India) Pvt. Limited |
Director |
| Feedback Infrastructure Services Private Limited |
Director |
| TRANSUNION LLC – Chicago |
Director |
| Value & Budget Housing Corporation (India) Pvt Ltd |
Director |
| HDFC PLC Maldives |
Director |
| Credila Financial Services Private Ltd |
Chairperson |
| HDFC Education and Development Services Pvt. Ltd |
Chairperson |
| EIH Ltd |
Director |
| Lafarge India Pvt Ltd |
Director |
Ms. Karnad is the Chairperson of Audit Committee of Credit Information Bureau (India) Limited and ICI India Limited, a member of Audit Committee of Bosch Limited and HDFC ERGO General Insurance Company Limited and a member of Investors' Grievance Committee of Bosch Limited.
She is a graduate in law from the University of Mumbai and holds a Master's degree in economics from the University of Delhi. She is a Parvin Fellow – Woodrow Wilson School of International Affairs, Princeton University, U.S.A.
|
| Mr. Milind Barve |
Mr. Milind Barve, Managing Director of the AMC, had been 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 March 31, 2012 are as follows:
| Company |
| Association of Mutual Funds in India (AMFI) |
Chairman |
| HDFC Asset Management Company (Singapore) Pte. Limited |
Director |
Mr. Barve is a Graduate in Commerce and an Associate Member of the Institute of Chartered Accountants of India.
|
|
|