T P Raman to step down as MD of Sundaram AMC
T P Raman, Managing Director of Sundaram Asset Management Company, will step down from the company by end of this month. With 16 years of experience in the company he would be the longest serving Chief Executive of any Indian fund house.
Thirty-six-year-old Harsha Viji, son of S Viji, chairman, Sundaram Finance Ltd, and who belongs to the promoters' family, will take over from Raman from June 30.
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Raman has been with Sundaram AMC since its inception in 1996. During his tenure the company has grown with total assets under management of Rs 12,866 crore as on May 31.
Prior to joining Sundaram AMC, Raman was with the State Bank of India. After his retirement Raman will continue as as non-executive director of Sundaram AMC.
Commenting about his experience Raman said, looking back the 16 years the tenure was good, bad and different times, especially when the company gone through two joint ventures – Sundaram Newton Asset Management Company, a JV btw Sundaram Finance and UK-based Newton Investment Management and Sundram BNP Paribas. It may be noted, Sundaram Finance bought back the shareholding from the JV partners.
Commenting about the company's future, Harsha Viji, deputy management director, said the company expects to grow by three times. The company is looking at raising around $1 billion from international funds.
“We are planning to raise money from international funds for its funds, we already have funds from Middle East and Australia and plans to expand it to Singapore and other places".
Raman said that the company is waiting for clearance from Singapore Regulators.
Harsha Viji was with McKinsey & Company, New York and Pricewaterhouse Coopers and has also been associated with Sundaram Finance Group since 1998 in various serious management roles and is also Director-Strategy and Planning at Sundaram Finance Ltd. He is a Chartered Accountant and holds a Masters in Business Administration.
T T Srinivasaraghavan, Managing Director, Sundaram Finance Ltd added that the succession was a planned and it was a smooth succession. “He (Harsha Viji) was moved to mutual fund business two years back, we are looking forward for exiting times, of course there will be challenges but we have seen lot more cycles like this before".