Anand Shah
A veteran allocator now running ICICI Prudential's PMS & AIF shelf on a bottom-up ‘BMV’ framework — Business, Management, Valuations. Named Asia Asset Management's ‘CIO of the Year’ for 2014–15 during his BNP Paribas tenure.
Is Anand worth your time?
A veteran allocator now running ICICI Prudential's alternatives shelf. Shah's career spans Kotak, Canara Robeco, a near-decade as Deputy CEO at BNP Paribas AMC (where he won a regional CIO-of-the-year award) and a CEO role at NJ, before taking charge of ICICI Prudential's PMS and AIF strategies in 2021. His stated method is a bottom-up 'BMV' framework. Note that role-level attribution on this profile is strongest for the PIPE strategy, which he co-manages.
Investors who want a large-AMC PMS/AIF platform and a veteran, process-driven allocator using a bottom-up ‘BMV’ framework — noting that independent role attribution here is strongest for the PIPE strategy.
- Role attribution is independently verified only for the PIPE strategy; other ICICI Prudential strategies are not yet verified on this profile.
- As head of a large platform, he oversees the shelf rather than single-handedly running every strategy.
- Confirm the specific strategy, its named manager and its own track record before investing.
About Anand Shah
Anand Shah is Head of PMS & AIF Investments at ICICI Prudential Asset Management, a role he took up in February 2021, where he oversees the firm's portfolio-management and alternative-investment strategies. He holds a post-graduate diploma in management from IIM Lucknow and an engineering degree from REC Surat (now SVNIT Surat), and has more than two decades in asset management.
Before ICICI Prudential he was chief executive of NJ Asset Management, and earlier spent close to a decade as Deputy CEO and Head of Investments at BNP Paribas Asset Management, where he was named Asia Asset Management's ‘CIO of the Year’ for 2014–15. His earlier career included heading equities at Canara Robeco, a first stint at ICICI Prudential as co-head of equities, and investment roles at Kotak Mutual Fund.
Career
- 2021 – present
Head of PMS & AIF Investments, ICICI Prudential AMC
Oversees the firm's PMS and AIF strategies; named co-manager of the PIPE strategy with Chockalingam Narayanan.
- before 2021
CEO, NJ Asset Management
Chief executive of the asset-management business.
- ~2011 – 2020
Deputy CEO & Head of Investments, BNP Paribas Asset Management
Named Asia Asset Management ‘CIO of the Year’ for 2014–15 during this tenure.
- 2008 – 2011
Head of Equities, Canara Robeco Asset Management
Led the equities investment team.
- ~2007 – 2008
Co-Head of Equities, ICICI Prudential AMC (first stint)
An earlier stint at ICICI Prudential before returning in 2021.
- ~2000 – 2006
Vice-President, Investments, Kotak Mutual Fund
Early investment-management career.
Three principles
Bottom-up, not top-down
A sector- and theme-agnostic approach — in his words, ‘more of bottom up v/s top down.’
The ‘BMV’ framework
Companies are evaluated on Business, Management and Valuations together, using ICICI Prudential's proprietary BMV framework.
Earnings, capital allocation, ROE
The search is for companies with earnings growth, prudent capital allocation and improving returns on equity, bought at the right risk–reward.
The call that shows the method working
A regional ‘CIO of the Year’, across a full cycle
During his near-decade as Deputy CEO and Head of Investments at BNP Paribas Asset Management, Shah was named Asia Asset Management's ‘CIO of the Year’ for 2014–15 — recognition earned across a full market cycle, before he went on to lead NJ Asset Management and, from 2021, ICICI Prudential's PMS and AIF shelf.
- 2014–15Named Asia Asset Management ‘CIO of the Year’ at BNP Paribas AMC
- 2021Takes charge of ICICI Prudential PMS & AIF
How the strategies have performed
Trailing returns — net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|
| ICICI Prudential PMS SMART Strategy | +2.49% | +20.17% | +20.03% | +14.42% |
| ICICI Prudential Growth Leaders Fund | +8.24% | +21.01% | — | +17.93% |
| ICICI Prudential Alpha Opportunities Fund AIF | +6% | — | — | +17.89% |
| ICICI Prudential - Pipe Portfolio | +6.48% | +19.93% | +22.18% | +25.05% |
| ICICI Prudential - Contra Portfolio | +2.04% | +16.61% | +17.47% | +18.02% |
| ICICI prudential Equity opportunities fund | +6.06% | +19.28% | — | +21.66% |
| ICICI Prudential Emerging Leaders Fund | +4.63% | +17.95% | — | +20.2% |
| ICICI Prudential PMS Emerging Leaders Strategy | +7.81% | — | — | +9.46% |
Your return will not be the headline number. This is the spread of Anand's 6 tracked strategies' 3-year CAGR — which strategy you hold, and when you invested, both move your outcome. Strategy-level dispersion, not a record of individual client accounts.
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Anand on
Bring these to the call.
Who actually runs my strategy day-to-day?
Role attribution here is independently verified only for the PIPE strategy (co-managed with Chockalingam Narayanan). For any other strategy, confirm the named portfolio manager.
How hands-on is the head of the shelf?
As Head of PMS & AIF, Shah oversees a large platform. Ask how directly he is involved in the specific strategy you are considering.
What is the strategy's own track record?
Ask for the specific strategy's SEBI-disclosed performance and its benchmark, not the platform's aggregate.
How they compare
Comparable managers on the platform, by asset class and category — live fund figures.
| Manager | 1Y | 3Y | AUM | Nyra |
|---|---|---|---|---|
| Rishi Gupta Shepherd's Hill Private Investment Fund · AIF | +1.9% | +24.2% | ₹0 Cr | 8.3 |
| Abhishek Bhardwaj Green Lantern - Growth Fund · PMS | +8.6% | +35.3% | ₹1,769.4 Cr | 8.0 |
| Aman Chowhan Abakkus - Emerging Opportunities · PMS | -1.7% | +17.3% | ₹5,943.14 Cr | 8.0 |
| Sunil Kothari Unique - Strategic Fund · PMS | +18.2% | +29.9% | ₹1,517.09 Cr | 7.8 |
Anand Shah — FAQ
What does Anand Shah manage?
What is his investment approach?
What is his background?
Which strategies is his role verified on?
Considering Anand's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Anand Shah.