Biggest Fund Manager Jain Sees Value in Banks: Corporate India
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Prashant Jain, chief investment officer at India’s biggest money manager, said he sees value in some of the nation’s biggest lenders amid prospects of a reduction in bad loans that have made them Asia’s worst-performing banking stocks in the past year.
Jain, who manages $18.6 billion at HDFC Asset Management Co., also runs HDFC Top 200, India’s largest equity fund. Banks account for about 29 percent of HDFC Top 200’s assets, according to data compiled by Bloomberg. The fund owns state-run Canara Bank, Bank of Baroda and Bank of India, the three worst performers on the 88-company MSCI AC Asia Banks Index in the past 12 months.