SBI Funds Management (SBIFMPL) has appointed Vinay Tonse as Managing Director & Chief Executive Officer (MD & CEO) of the company, effective from August 24.
SBIFMPL is a joint venture between the Indian public sector giant State Bank of India (SBI) and European asset manager Amundi.
Tonse, who was on deputation to the company since June 22, 2020, takes over from Ashwani Bhatia who now returns to parent SBI as its Managing Director.
Tonse termed his appointment an “honour” stating: “It is a huge responsibility to manage the growth dynamics of the number one fund house in the country … we will strive to take the benefits of capital markets to investors across India. I am excited to begin this new journey in the Mutual Fund industry, which will need to leverage technology to drive the next level of growth.’’
Tonse started his career with SBI in 1988 as Probationary Officer.
He has worked in different geographical locations in India and abroad heading various business functions. He has good experience of handling and managing various areas of banking such as operations, retail banking including agriculture credit and MSME sectors, corporate credit, international banking operations, treasury operations, equity portfolio management, private equity, venture capital and training.
Before his deputation to SBI Funds Management, he was heading the Chennai Circle of SBI as Chief General Manager (June 2018 to June 2020). He had overall responsibility of managing all the branches and offices of SBI situated in Tamil Nadu and Puducherry. He also headed the operations at SBI Osaka Branch - Japan as CEO for 4 years. In his early days, Mr Tonse also worked as an Officer with SBI’s Singapore office.
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