India's largest public lender SBI's alternative asset management arm SBICAP Ventures Ltd, has appointed Prem Prabhakar as its new managing director and chief executive officer, effective immediately.
In his new role, Prabhakar will oversee the strategic direction, operational efficiency and overall growth of the company, SBICAP Ventures said in a release.
Prabhakar will lead the executive team, manage investor relations and drive initiatives that align with SVL’s commitment to creating long-term value for its investors and supporting the communities in which it operates, the firm added.
Prabhakar brings over 24 years of experience in the banking sector. Prior to this appointment, he served as general manager at SBI. His assignments include serving as deputy general manager (B&O) managing retail business and operations, chief dealer (Forex) at SBI Global Markets, Mumbai and chief dealer at SBI New York.
Prabhakar also held the position of director on the board of the Jharkhand Rajya Gramin Bank, a regional rural bank. His expertise lies in treasury operations with over 12 years of experience covering forex, money markets, derivatives, resource management, ALM and risk management.
"SBICAP’s commitment to creating long-term value for its investors and supporting communities resonates with my professional values,” said Prabhakar.
Prabhakar’s appointment comes on the heels of SBICAP launching its latest, the Trilateral Development Cooperation (TDC) Fund, in April, with a target corpus of Rs 1,000 crore, including a green shoe option of Rs 300 crore. The fund, which will work as a fund-of-fund, was launched in partnership with the Ministry of External Affairs.
It also manages several funds, including Neev funds, SWAMIH Investment funds, UK India Development Cooperation Fund, and SRI Fund.