Asset management company SBI Funds Management Ltd (SBIFML), announced the elevation of Shamsher Singh as managing director and chief executive officer.
SBIFML is a joint venture between the State Bank of India (SBI) and the European asset management company Amundi.
Singh who was previously working as the deputy managing director of SBI has replaced Vinay M Tonse consequent to his repatriation to the State Bank of India.
Singh, who joined the public sector bank in 1990 as a probationary officer (PO), has worked with SBI for over 32 years and has worked across multiple verticals of SBI in his tenure. He was associated with investment banking, treasury, corporate banking, and branch banking.
Prior to his deputation to SBIFML, he was heading the Ahmedabad circle of SBI as chief general manager from November 2020. During his tenure, he was overseeing SBI’s retail business operations across the state of Gujarat and the Union Territories of Dadra and Nagar Haveli & Daman and Diu and was instrumental in ensuring regulatory compliances across 1,400 branches of SBI and improving the growth of the retail business department.
The joint venture agreement was signed in April 2011 between SBI & Amundi Asset Management. Accordingly, SBI currently holds a 63% stake in SBIFMPL, and the 37% stake is held by Amundi Asset Management through a wholly-owned subsidiary, Amundi India Holding, according to SBIFML’s website.
It currently manages Rs 6.82 lakh crore worth of assets under management (AUM) as on 30 September, 2022
SBIFML is an investment manager of the SBI mutual fund, SBI alternative equity fund, and SBI alternative debt fund. SBIFML also offers discretionary, non-discretionary, and advisory portfolio management services to various high net-worth individuals (HNIs), corporates, and institutional investors.
In November 2022, it participated in the pre-IPO round of Five Star Business Finance which raised Rs 588 crore (around $72 million).
