SBI Funds Management Ltd, the asset management company (AMC) of SBI Mutual Fund, has appointed Nand Kishore, deputy managing director of the State Bank of India, as the managing director and chief executive officer. He takes over from Shamsher Singh, who will be moving back to the State Bank of India.
SBI Funds Management (SBIFM) is a joint venture between the State Bank of India and Amundi, Europe’s largest asset manager. SBI Mutual Fund is India's biggest fund house, managing assets worth Rs 11 lakh crore at the end of October.
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Kishore has more than 34 years of experience with State Bank of India across major banking verticals such as branch banking, international operations, treasury operations & investment banking and retail. He began his career at SBI as a probationary officer in 1990 and moved up the ranks to become the deputy managing director.
Prior to his current deputation at SBI FM, Kishore served as deputy managing director (Global Markets) at SBI’s Corporate Centre in Mumbai, where he oversaw the bank’s treasury operations.
Over the past 34 years, Kishore has held several key positions, including Chief Dealer at SBI New York, Deputy General Manager & Chief Operating Officer at Corporate Accounts Group in Delhi, Deputy General Manager (Interest Rate Markets) at Global Markets in Mumbai, General Manager at Corporate Accounts Group in BKC, Mumbai, and Chief General Manager, Bengaluru Circle.
"I am honoured to join SBI Funds Management Limited and lead the largest fund house in the country. Our goal is to not just be a market leader but a market maker, expanding our reach and influence to become the first port of call for investors," Kishore said.
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As of October 31, SBIFM was the largest asset manager in the country, managing over Rs 25 lakh crore of assets across mutual funds, portfolio management services, offshore funds, alternative investment funds and GIFT City.
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