Private credit might be less attractive than it was last year as investors rush into the market, but there are sweet spots to be found.
Sources in India are not surprised at the development. Razdan was handpicked by Srinivasan in 1998 to join ICICI Prudential. Razdan and SrinivasanÆs paths crossed when Razdan was a distributor at Karvy Securities and Srinivasan was at ITC Threadneedle (where he worked before joining ICICI Prudential).
Srinivasan brought Razdan on board at ICICI Prudential as the head of sales and distribution for the western region. Razdan grew to become deputy CEO in 2003 and then in January 2004 was promoted to the role of managing director. Srinivasan, who had by then moved to Hong Kong as managing director of funds for Prudential Asia, commented at the time that Razdan was the ônatural choice to take the business to its next stage of developmentö.
Meanwhile, ICICI Prudential has announced that Nilesh Shah who is currently chief investment officer will be promoted to deputy managing director and continue in his role as CIO.
Shah joined ICICI Prudential as CIO in June 2004 having joined the ICICI group as far back as 1992. He left ICICI Securities for a stint with Franklin Templeton before returning to the firm as CIO.
Speculation is that Razdan will be joining Srinivasan at the leading Indian conglomerate, the Birlas Group, where he has been hired as CEO of financial services and director of corporate strategy and development. Srinivasan, who took up his new responsibility on July 16, has a mandate to kick-start the groupÆs presence in financial services and will also advise Birla group companies on financial strategy including M&A.
Insto roundup: FWD files for ADR listing in New York; Nippon Wealth Life fully acquired by parent firm
Intrust Super chief executive to step down after merger; Aware acquires site for essential worker affordable housing; China bans cryptocurrency-related business activities; Hong Kong insure FWD filed for US listing of ADRs; Nippon Life acquires wealth life insurance from MassMutual; NPS to hire five investment managers to diversify portfolio; Malaysia to review Spacs framework; EPF reports $8 billion investment income; and more
Hesitancy aside, institutional investors eye Australia and Japan as promising geographies for private debt investments within Asia Pacific, with Greater China and Korea on the periphery.
While Asia still lags the global average, interest in sustainable projects is growing fast; the only thing needed now is the expertise to drive growth
Regulators keep their eyes open on tightening insurance industry by introducing more detailed risk management requirements, which could bring pressure on smaller players.