Overall headcount in India’s mutual fund industry had increased 28 per cent in FY19, thanks to demand for products despite weakening financial markets.
Penetrating deeper into smaller cities to expand their business has increased staff strength, said fund managers. But in FY20, their pace of hiring is expected to be slower.
ICICI Prudential Mutual Fund has increased staff by 62 per cent to 2,100 in FY2019, while headcount at HDFC AMC rose 25 per cent to 1,600, according to a data compiled by VitoAltor, a premier executive search firm. Reliance Nippon Life Mutual Fund staff strength rose 26 per cent to 1,700 in FY 2019 while SBI Mutual Fund headcounts jumped 31 per cent to 1700 in the period.
The mutual fund industry has given an increase of about 8 per cent to 12 per cent as internal increment in FY2019 along with 20-30 per cent market liked increment apart from the bonus, according to VitoAltor.