Mirae Asset’s Head of Fixed Income: Investment Strategy & Career Journey

Basant Bafna has been appointed Head – Fixed Income at Mirae Asset Mutual Fund (India), effective January 2026, the asset management company announced. He succeeds Mahendra Jajoo, who is leaving the firm to pursue other opportunities.

Bafna’s appointment signals Mirae Asset’s commitment to strengthening its fixed income capabilities amidst a dynamic market environment. He will be based in Mumbai and will lead the firm’s fixed income investment strategy, portfolio management frameworks, and overall debt market positioning.

Prior to this promotion, Bafna served as Senior Fund Manager – Fixed Income at Mirae Asset, a role he assumed in December 2022. In that capacity, he was instrumental in building disciplined fixed income portfolios and improving risk-adjusted returns for investors, according to the company.

Before joining Mirae Asset, Bafna spent over a decade at India Exim Bank, culminating in the position of Head – Dealing Room Operations and Assistant General Manager. His responsibilities at Exim Bank encompassed managing large-scale treasury operations, including asset-liability management (ALM) strategies, derivatives, and institutional fixed income portfolios.

Bafna’s career began with a campus placement at Export-Import Bank of India following his MBA in Finance. His educational background includes a Bachelor of Commerce (Honours) degree from the University of Delhi and an MBA in Finance, alongside a Company Secretary qualification. He has also obtained several professional certifications, including CFA, FRM, JAIIB, CAIIB, and Certified Treasury Professional Certification. He has also completed two levels of French language studies at Alliance Francaise.

Bafna’s investment philosophy centers on a client-first approach, prioritizing client interests in the management of assets under management (AUM). He emphasizes the importance of constructing high-credit-quality portfolios and actively managing duration to optimize client returns while considering the prevailing interest rate environment.

He views managing client funds as a fiduciary responsibility, focusing on providing risk-adjusted, data-backed insights to facilitate informed investment decisions aligned with clients’ risk appetites. Bafna finds particular satisfaction when his investment views generate alpha – superior returns – for investors, and when clients acknowledge the value of his insights.

Currently, Bafna is responsible for managing several funds within the Mirae Asset lineup, including the Mirae Asset Ultra Short Duration Fund, Mirae Asset Low Duration Fund, Mirae Asset Short Duration Fund, and Mirae Asset Dynamic Bond Fund. He also oversees the debt portions of the Mirae Asset Income plus Arbitrage Active FOF, Mirae Asset Aggressive Hybrid Fund, Mirae Asset Balanced Advantage Fund, Mirae Asset Equity Savings Fund, and Mirae Asset Multi Asset Allocation Fund.

The transition follows a period of significant growth in Mirae Asset’s debt AUM under Jajoo’s leadership. Between August 2016 and November 30, 2025, the fund house’s debt AUM increased from Rs 321 crore to over Rs 32,000 crore, despite challenging credit and interest rate conditions.

Bafna’s experience at Exim Bank, where he managed both investments and borrowing, provided him with regular interaction with asset managers, shaping his understanding of market dynamics and trade opportunities. It was through one such interaction with Mirae Asset, while Jajoo was CIO, that the potential opportunity to manage the duration portfolio arose.