25 years of MF: Despite shocks due to bad decisions, industry has done well

In the early 1990s, you wouldn't identify an Indian fund manager with a Leonardo DiCaprio in The Wolf of Wall Street. Mutual fund professionals of the time were mostly unknown bankers who ran the show with a handful of equity analysts.   More often than not, one landed the job because the bank had no other openings. As a leading mutual fund (MF) manager of the 1990s says: “I took a late decision to join a bank instead of the civil services. On my first day, the manager told me apologetically that all plum positions were taken, and I could only do equity research.” .....

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