Reliance Capital Ltd (RCL) has appointed Madhusudan Kela, currently head of equities at Reliance Mutual Fund, as chief investment strategist, Reliance Capital with increased responsibilities across RCL's various businesses.
Reliance Capital group companies manage substantial equity assets of over Rs 50,000 crore spread across various businesses including life insurance, mutual fund, private equity, venture capital, offshore funds, portfolio management services (PMS) and wealth management.
Kela will play a crucial role in expanding these assets, mentoring portfolio managers across the RCL Group, and providing strategic inputs and guidance on investments across the Reliance Capital group companies, within the scope of the existing regulatory framework, said an RCL statement. Kela will be replaced by Sunil Singhania, who currently holds the position of Deputy Head of Equities in Reliance Mutual Fund.
Shares of the company gained Rs 5.5, or 0.72%, to trade at Rs 770.30 at 12 pm today, after touching day's high of Rs 772 on the BSE.
"Madhu has been a driving force in the growth of our mutual fund business over the last ten years and we now look forward to his valuable contribution across the full spectrum of our businesses," Reliance Capital CEO Sam Ghosh said.
"It has been a privilege for me to be part of the Reliance Mutual Fund leadership team and contribute to wealth creation for millions of small investors across India. I am delighted to get this larger canvas with increased responsibilities, and thereby make a wider contribution to the Reliance Capital family," said Mr Kela. He will move into the new role frpm September 21, 2010.
Anil Ambani-led Reliance Capital is a non banking finance company, which manages equity assets of over Rs 50,000 crore spread across businesses like life insurance, mutual funds and private equity.
Reliance Capital Asset management is the leading AMC in India and manages over Rs 1,50,000 crore across mutual funds, pension funds, managed accounts and hedge funds and has over 7 million investor.