According to ICICI Prudential Asset Management Company's Draft Red Herring Prospectus (DRHP) for its IPO, veteran fund manager S. Naren earned Rs 5.89 crore in FY25, which included salary/remuneration, bonus, perquisites, and deferred bonuses accrued in previous fiscal years.
Key Highlights
- Sankaran Naren received a total remuneration of ₹5.89 crore in FY25, per ICICI Prudential’s DRHP.
- His FY25 compensation includes salary, bonuses, perquisites, and deferred bonuses accrued from prior years.
According to the DRHP, the star fund manager is eligible for a base salary of Rs 1.41 crore, a fixed salary of Rs 3.54 crore, and a target bonus of Rs 2.83 crore.
According to the document, S. Naren is also eligible for Bank ESOPs, which will be granted in accordance with the norms applicable to group executives, subject to the approval of the ICICI Bank Limited board.
A contingent or deferred compensation of Rs1.37 crore has been accumulated for fiscal 2025 as of the date of this Draft Red Herring Prospectus, but it will be paid at a later time.
ICICI Prudential AMC's Chief Investment Officer and Executive Director is Sankaran Naren. Naren was reappointed to the position for a two-year term, beginning on July 1, 2024, in accordance with resolutions adopted by the Board and Shareholders on October 17, 2023, and December 13, 2023, respectively.
In the financial services sector, he has worked in investment banking, fund management, equity research, and stockbroking for more than 28 years. He currently serves on the Association of Mutual Funds in India's (AMFI) Committee on Equity Matters.
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Previously, Naren was connected to Yoha Securities Limited, The Hongkong and Shanghai Banking Corporation Limited, HDFC Securities Limited, and Refco-Sify Securities India Private Limited. At the Asia Asset Management – 2023 Best of the Best Awards, he was named the "India CIO of the Year."
