Kenneth Andrade, the head of investments at IDFC Asset Management Co., is leaving the Indian money manager to start his own business, the company said in a statement.
Andrade, who joined IDFC Asset in 2005, oversaw $8 billion of assets, including IDFC Premier Equity Fund, which has beaten 90 percent of its peers over the past five years. IDFC declined to comment on Andrade’s successor. Andrade declined to comment on his departure.
Morningstar Inc. put its rating on IDFC Premier on hold and will review it after a meeting with the new fund manager and his team, said Aditya Agarwal, managing director of its local unit. Andrade has over 21 years experience in the fund management, according to IDFC’s website.
Andrade is one India’s “best mid-cap, small-cap fund managers,” Agarwal said in an phone interview. “We won’t recommend investors get out of the fund. The fund manager is one of the most important pillars, but the team also matters.”
IDFC Premier’s net asset value rose 31 percent in the past year, compared with a 7.5 percent climb for the benchmark S&P BSE Sensex index. Morningstar has a “silver” rating for IDFC Premier, the second-highest of five levels, indicating that the fund will outperform over at least five years.