Navneet Munot has quit SBI Funds Management Pvt Ltd (SBIFMPL) to join HDFC Mutual Fund as its managing director and CEO.

Munot, who was the chief investment officer (CI)) of SBI Funds, will succeed the present managing director Milind Barve.

“The board of directors...at its meeting held on November 16, has approved that Navneet Munot will be appointed as the managing director and CEO of the company and he will succeed the present managing director, Milind Barve,” HDFC Asset Management Company (HDFC AMC) said in a regulatory filing with the stock exchanges on Monday.

In a statement, SBIFMPL said that Munot has decided to leave the organisation to pursue other opportunities.

“Navneet has been part of this team of skilled and experienced senior fund managers and has overseen many of their achievements. We value his contribution to the organisation and wish him the best in all his future endeavours,” said Vinay Tonse, MD & CEO, SBI Funds Management Pvt Ltd.

SBI Funds said that the fund management structure will continue to remain the same as the company over a period of time has built a very capable second line with strong vintage.