INVESTORS VIEW fixed income as the calmer part of the market — stable, predictable, and mostly uneventful. But for Manish Banthia, it has always been about decision-making, discipline, and long-term perspective. As the chief investment officer, fixed income at ICICI Prudential AMC, Banthia manages one of India’s largest and most-scrutinised debt portfolios.

Banthia has spent two decades at ICICI Prudential AMC, joining the firm in October 2005. In the early years, he worked on product development before transitioning into fixed income investments, where he gradually established his reputation as a careful yet decisive manager. Brief stints at Aditya Birla Nuvo and Aditya Birla Management Corp. early in his career helped ground him in corporate finance and strategy, but it was fixed income that became his long-term focus.

Over the years, Banthia has become one of the most influential figures in India’s bond market. As of December 15, he manages assets worth over ₹5.8 lakh crore across 47 schemes, a scale that brings both responsibility and scrutiny. Despite this, those who follow his work say his approach has stayed consistent: prioritise protecting capital first, and then seek returns.

At a time when interest rate expectations are shifting and liquidity conditions are changing, Banthia believes “caution is not a weakness”. This view reflects his broader investment philosophy — one that avoids dramatic bets and focusses on preparing portfolios for what lies ahead. Credit quality is an area where he rarely compromises. He has consistently kept portfolios tilted towards high-rated instruments.

Market participants see this as a defining trait. In periods when bond markets have surged ahead of fundamentals, Banthia has been quick to reduce risks, even if it means underperforming temporarily. Throughout full cycles, this restraint has helped protect investors from sharp losses.