Vinay Paharia resigns as chief investment officer of Union AMC after 5 yrs

AMC promotes Hardick Bora and Sanjay Bembalkar to the position of Co-Heads of Equity

Vinay Paharia has quit Union Asset Management Company (AMC) as its chief investment officer (CIO) after an almost five-year-long stint with the firm.

The fund house has elevated fund managers Hardick Bora and Sanjay Bembalkar to the position of Co-Heads of Equity to fill up for the role vacated by Paharia. The elevation will come into effect from December 2022, while Paharia will leave the company by January-end 2023.

"Both Hardick and Sanjay have been managing funds with us for some time and have been instrumental in institutionalising the investment process. They are also supported by a strong team of analysts. I am sure that the team will be able to carry on with the good work and achieve our goal of producing consistent above average returns in every category that we are present in," said G Pradeepkumar, Chief Executive Officer of Union AMC.

Bembalkar has over 15 years of experience in fund management and equity research and is a part of the AMC's fund management team since June 2021. Bora has been with the AMC since September 2014, the AMC said in a release.

Paharia's new assignment could not be ascertained. Before joining Union AMC, he was a senior fund manager at Invesco Asset Management.