LIC Nomura MF appoints CIO and COO via new process

MUMBAI: LIC Nomura Mutual Fund Monday has appointed two top executives after it underwent a change in the appointment process. The fund has now appointed Saravana Kumar as the chief investment officer-equity & debt. Nityanand Prabhu was appointed as chief operating officer.

Earlier last five years, LIC of India used to recruit its own people on deputation basis as investment officers.

S Ramasamy was the last chief investment officer, appointed by LIC of India on deputation basis. He went back to the parent institution, and is likely to take up an investment related portfolio in the largest insurer, market sources said.

The new CIO, Kumar has a rich experience of over 25 years in the financial services industry. He served Trust Investment Advisors looking after portfolio management services. Before that, the engineer turned management graduate from IIM-Bangalore was with Tata AIG Life Insurance, SBI Mutual Fund, ICICI Bank and UTI Mutual Fund.

After a long spell, the fund house has appointed a CIO somebody from outside the LIC group. The new COO, Nitayanand Prabhu brings with him an experience of over 22 years.

Prior to joining the AMC, he was with ING Investment Management, handling the entire Fund Operations, said a company press release.

“We are currently strengthening our core team, geographical reach and product suite in order to offer choice of investments to our valued investors. These new appointments will also help achieve the objectives of the AMC,” said Nilesh Sathe, director and chief executive officer of LIC Nomura Mutual Fund in a press release.

The fund house has recorded an AUM (asset under management) growth of 22.24% during the quarter ending March, 2015.