New Delhi: Salaries of CEOs of the country’s top mutual fund companies increased during 2019-20. Milind Barve of HDFC Mutual Fund got the highest salary. These trends were seen due to strong growth in business.
According to an analysis of data made public by mutual fund companies, CEOs in the top 12 fund houses are determined on the basis of asset increases under salary management.
However, the remuneration of the CEOs of Aditya Birla Sunlife MF, Nippon India MF and DSP MF declined by 19 percent during the period under review. Salaries of Chief Investment Officers also increased in most companies. According to industry officials, the salary for 2019-20 was determined on the basis of 2018-19 profit.
These companies had the highest profit this year. Barve, the chief executive of HDFC MF, the country’s second largest fund house, received a salary of Rs 7.43 crore for the financial year and topped it. His package increased by three percent. In terms of percentage, the salary of SBI MF CEO Ashwini Bhatia increased by 132 percent. His salary increased from Rs 22 lakh to Rs 51 lakh. However, Bhatia is still the lowest-paid CEO.