Sundaram Mutual Fund looking for new CIO as Krishnakumar quits
April 05, 2021
S. Krishna Kumar - BIJOY GHOSH×
Specific schemes have already been transitioned: AMC
S Krishnakumar, who was the Chief Investment Officer - Equity at Sundaram Mutual Fund, for the past six years, has quit the asset management company. A Sundaram Mutual Fund official has confirmed the development but did not comment on who would succeed Krishnakumar.
Said Sunil Subramaniam, MD and CEO, Sundaram Mutual Fund: “We are in the process of searching for a new CIO Equities.” The fund management of specific schemes has already been transitioned to capable fund managers, he further said. Krishnakumar, who has more than 20 years of experience in equity markets, joined Sundaram Mutual Fund as Head of Research in 2003. He handled various roles within the fund management team before being elevated to the post of Chief Investment Officer - Equities in April 2015.
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Synopsis
Another international player is all set to pack their bags and leave the Indian mutual fund space as Sundaram Mutual has acquired the MF business of Principal AMC.
Another international player is all set to pack their bags and leave the Indian mutual fund space as Sundaram Mutual has acquired the MF business of Principal AMC. Sundaram Asset Management Company Limited announced on Thursday that apart from the schemes managed by Principal Asset Management, it will also acquire 100% of the share capital of Principal AMC, Principal Trustee Company Pvt Limited and Principal Retirement Advisors Pvt Ltd.
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Sundaram Asset Management Company, a wholly owned subsidiary of Sundaram Finance, has acquired Principal Asset Management business in India for ₹338.53 crore. Principal Asset Management has assets under management of ₹7,447 crore as of December-end with about 90 per cent of this in equity-oriented schemes.
As part of the deal, Sundaram AMC will buy out the entire share capital of Principal Asset Management, Principal Trustee Company and Principal Retirement Advisors.
The transaction is subject to the receipt of necessary regulatory approvals and SEBI prescribed processes.
Sunil Subramaniam, Managing Director, Sundaram Asset Management Company, said the transaction will strengthen Sundaram MF presence in the market place with the addition of a range of schemes with a good long term performance track record across the large and mid-cap segments.
Sundaram Asset Management Company (Sundaram), a 100 per cent subsidiary of Sundaram Finance Ltd, has announced the purchase of the core businesses of Principal Asset Management Pvt Ltd. Value of the transaction is around Rs 338.53 crore. Sundaram will acquire the schemes managed by Principal Asset Management Pvt Ltd and acquire 100 per cent of its share capital, along with that of Principal Trustee Company Pvt Limited, and Principal Retirement Advisors Pvt Ltd. The transaction is subject to the receipt of necessary regulatory approvals and Sebi prescribed processes, and Principal will continue to operate the businesses until the deal is closed. Sundaram is a leading player in the fund management space with a 25-year track record. It has over Rs 40,000 crore in assets under management, the majority of which are in equity-oriented schemes.