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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.
‘Mulling options’
According to sources, Monday was the last day for Krishnakumar at the found house. Though his next move is not known, a source close to the development said he is contemplating various options. An engineering graduate from Regional Engineering College, Trichy, Krishnakumar holds a Post Graduate Diploma in Business Administration with specialisation in Portfolio Management from Loyola Institute of Business Administration, Chennai.
Sundaram’s asset base
The development comes at a time when the fund house is awaiting regulatory clearances for its acquisition of Principal Asset Management. It may be recalled that Sundaram Asset Management Company had announced the acquisition of Principal Asset Management, the Indian business of the global financial services major, Principal Financial Group, for ₹338.53 crore in January. Principal AMC has assets under management (AUM) of ₹7,447 crore.
According to AMFI data, Sundaram Mutual Fund manages total assets under management (AUM) worth over ₹32,296 crore, at the end of February 2021. Of that, assets of equity-oriented schemes stood at ₹21,200 crore, which is more than half of its total AUM.Sundaram Asset Management Company, which is a fully owned subsidiary of Sundaram Finance Limited, has over dozen equity schemes.
The stock of Sundaram Finance closed 1.65 per cent lower at ₹2.575.65 on the BSE on Monday.
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