Ram Kelkar is a principal and managing director. He leads the Capital Markets and Trading Group of Milliman’s Financial Risk Management Practice (FRM). He manages the trading teams in Sydney, London, Amsterdam, and Chicago that trade cash securities and derivatives (including both exchange-traded and OTC derivatives), in equity, fixed income, FX, credit and other markets on behalf of investment advisory clients, which include insurance companies, pension plans, funds, ETF issuers, and other financial institutions.
FRM is a global market leader in the field of risk management strategies, providing investment advisory, hedging, and consulting services on over $150 billion USD in global assets as of 31 December 2020. Key focus areas are risk management and outsourced hedging of life insurance liabilities, including Variable Annuities (VAs), Fixed Indexed Annuities (FIAs), and RILAs and Buffered/Defined Outcome strategies; sub-advisory services for managed volatility funds and Milliman’s Managed Risk and Risk Parity strategies; MARC5 (Multi-Asset Risk Control) Index for FIAs; and sub-advisory services for ETF issuers and ETF Managed Portfolios.
Ram has 30+ years of experience in the capital markets, having previously worked for Citigroup, Merrill Lynch, and Allstate. He was responsible for ALM and derivatives strategy at Allstate Insurance in Northbrook, Illinois, and was a managing director in the capital markets and derivatives group at Merrill Lynch in New York. He started his career in the capital markets at Citigroup, where he was a managing director in the structured finance and derivatives areas in New York and London.