Synopsis
Naren noted that equity fund managers are seeing redemption pressure, despite which the domestic stock market is rising every single day.
ET Spotlight
S. Naren, Chief Investment Officer of ICICI Prudential Mutual Fund
NEW DELHI: Market veteran Sankaran Naren says stock markets are not driven by fund managers but central banks. The chief investment officer (CIO) of ICICI Prudential Mutual Fund said the biggest fund manager who controls the stock market, thus, is Jerome Powell.
Powell is the Chairman of the Federal Reserve, the central bank of the US. Till 2008, people used to think that fund managers control the market. But the reality is it is the global central banks, which controls it, he said at ETF Masterclass - Rise with India organised by Paytm Money.