TP Raman, managing director of Sundaram Asset Management Company (Sundaram AMC), will be stepping down from his position by the 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.
Raman, however, will continue as a non-executive director of the company. He has been with Sundaram AMC since its inception in 1996. During his tenure, the company has grown with a total assets under management of Rs 12,866 crore as on May 31, 2012. Prior to joining Sundaram AMC, Raman was with the State Bank of India.
Thirty six-year-old Harsha Viji, son of S Viji, chairman, Sundaram Finance Limited, and who belongs to the promoters family, will take over from Raman from June 30, 2012.
Harsha Viji was with McKinsey & Company, New York, and Pricewaterhouse Coopers. He 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 Limited. He is a chartered accountant and holds a masters in business administration.
Commenting on the company’s future, Harsha Viji, currently deputy managing director, said that the company expected to grow three-fold. The company is looking at raising around $1billion.
“We are planning to raise money from international funds. We already have funds from West Asia and Australia and plan to expand it to Singapore and other places.”
TT Srinivasaraghavan, managing director, Sundaram Finance, said that the succession was a planned one. “He (Harsha Viji) was moved to the mutual fund business two years ago. We are looking forward to exiting times. Of course, there will be challenges but we have seen lot more cycles like this before”.